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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22891 E Lords Way Queen Creek, AZ 85142

$564,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6705386

Property Type Single Family Residence

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'' Welcome to Madera, our beautiful community nestled in Queen Creek! Experience serene living with easy access to the 24 Freeway and nearby shopping, all while enjoying an array of fantastic community amenities. From the inviting community pool to the recreational offerings of pickleball, bocce ball, playgrounds, BBQ areas, and charming ramadas, there's something for everyone here. Step into this delightful new construction home, boasting 4 bedrooms + den and 3.5 bathrooms. The Sage floorplan offers a spacious kitchen with a large island, pantry, and expansive dining and great room areas, ideal for entertaining guests or enjoying quality family time. Embrace the elegance of our Industrial Palette, featuring 6 x 24 plank tile floors in the main living areas, plush carpeting in the bedrooms, stylish grey 42 shaker upper cabinets with cabinet hardware, and stunning grey slate quartz kitchen countertops paired with a complimentary tile backsplash. Included are SS appliances with gas range, 8' doors throughout, a 4-panel slider in the Greatroom as well as pre-wire for pendent lighting in the kitchen. The home is complete with a 3 -car tandem garage. This home is truly a gem! It's just waiting for your personal touch to make it complete. Don't let this opportunity pass you by! Begin your journey to owning your dream home at Madera.

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37535 W Padilla Street Maricopa, AZ 85138

$564,990

4 Beds

3 Baths

2,765 SqFt

Status Active

MLS # 6706353

Property Type Single Family Residence

Price Type --

~~~~ Special CASH Pricing $564,990~~~~ Experience Luxury Style living in Maricopa!!! This captivating Jerome floorplan features an expansive great room with multi-slider, home office, and stunning kitchen appointed with stacked cabinetry, gas stove top, and double ovens! Relax in your freestanding tub, host on the patio, or take out the toys from your FIVE CAR GARAGE! With 10ft ceilings, 8ft doors, and 8,750 sq ft homesites, come see why K. Hovnanian is the First Name in Lasting Value! Ready for Quick Move-in!!

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728 E Aurora Drive San Tan Valley, AZ 85140

$564,990

5 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6721268

Property Type Single Family Residence

Price Type --

Discover Edgewood Villas located in the Queen Creek Corridor. This home features a beautiful kitchen, artfully designed with Dark grey cabinets and marble inspired Quartz counters, surrounding a large island perfect for entertaining. The adjacent dining area and great room are illuminated by a 12' multi-slide door that merges indoor and outdoor spaces. Unwind in the primary suite, complete with a resort like bath appointed with a walk-in shower and tub for ultimate relaxation. Convenience meets functionality with an attached 2-car garage, providing ample space for vehicles and tools alike. ^^Up to 6% of Base Price can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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4541 S Venus Drive Mesa, AZ 85212

$564,990

4 Beds

3 Baths

2,425 SqFt

Status Active

MLS # 6711096

Property Type Single Family Residence

Price Type --

This 2,425 sq ft Hibiscus floor plan home has plenty of space with 4 bedrooms, upstairs loft, 3 full bathrooms and 2 car garage. You'll love the convenience of a full bedroom and bathroom on the first floor. This home features the Harmony Premium palette, with white cabinets, quartz kitchen countertops, and subway tile kitchen backsplash. Stainless steel appliances (including the fridge) which makes this kitchen complete. This beautiful home will also come with a full size washer and dryer, blinds and a garage motor. Easy maintenance, luxurious wood plank tile is featured in all common areas with plush carpeted bedrooms and loft. Getting ready is easy with dual sinks and raised vanity in the primary suite bathroom, plus you'll love the space in your suite - large enough for a king-sized bed. This home feels bright and open thanks to the 8' interior doors. Plus, front yard landscaping included! Come and visit all that Eastmark has to offer today.

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2421 W Indigo Drive Chandler, AZ 85248

$564,900

3 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6736295

Property Type Single Family Residence

Price Type --

Best priced single family home in Ocotillo ** Ocotillo lifestyle (Championship golf, clubhouse, lakes and open spaces, walking paths, shopping, restaurants, top-notch schools, etc...) in a great south Chandler location! Three bedrooms/two bath plus a loft * Great Room features a stacked stone fireplace * Nice big backyard * Island in kitchen with new stove and microwave * Quick access to Chandler/Price Road corridor (Intel, Northrup Grumman, Microchip Tech, Wells Fargo, etc.).

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2505 W Corral Road Phoenix, AZ 85041

$564,900

3 Beds

2.5 Baths

2,406 SqFt

Status Active

MLS # 6751747

Property Type Single Family Residence

Price Type --

WALK TO SOUTH MOUNTAIN FROM THIS IMMACULATE AND WELL-MAINTAINED, LARGE 3 BEDROOMS, 2.5 BATH (W/ITH DEN/OFFICE). THIS BEAUTIFUL SINGLE LEVEL IS IN A GREAT LOCATION AND NESTLED INSIDE A GATED COMMUNTY FOR PLENTY OF SAFETY AND PRIVACY. PAMPER YOURSELF, AND INDULGE YOURSELF ON A DAILY BASIS., YOU GET A SPACIOUS KITCHEN WITH GRANITE COUNTER TOPS AND LARGE STAGGERED CABINETS, WITH A WALKIN PANTRY, CENTRAL HVAC, AND PROGRAMMABLE THERMOSTATS. TO TOP THIS PUPPY OFF, YOU GET A LARGE 3-CAR GARAGE WITH AWESOME AND HELPFUL NEIGHBORS. THERE IS A LOT OF HIKING TRAILS, BIKE TRAILS, AND HORSEBACK RIDING CLOSE BY, OR SIMPLY STAY HOME AND ENJOY YOUR LARGE BACKYARD.

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4226 N Turnberry Court Florence, AZ 85132

$564,900

2 Beds

2 Baths

2,039 SqFt

Status Active

MLS # 6746069

Property Type Single Family Residence

Price Type --

MAKE A SPLASH! Enjoy the tour of this stunning, nearly new ''Pursuit'' model in the highly sought after Legends community in Sun City Anthem at Merrill Ranch. Your new home offers an abundance of upgrades that include a chefs kitchen with beautiful and highly upgraded granite, stainless appliances, ample cabinets, large island, triple sliding glass door and soaring 10' ceilings. The primary bathroom offers the same upgraded granite countertops, large walk-in tiled shower and large walk-in closet. Additional upgrades include ceiling fans, beautiful flooring, surround sound and much more. The outdoor living space features a gorgeous swimming pool w/sheer descent water feature, expansive travertine decking w/gas fire pit and professionally manicured landscape. A MUST SEE HOME!! Take advantage of 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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3422 E Ravenswood Drive Gilbert, AZ 85298

$564,900

3 Beds

2 Baths

1,750 SqFt

Status Active

MLS # 6718352

Property Type Single Family Residence

Price Type --

Located in Seville Golf & Country Club neighborhood! 3 bedroom, 2 bath home with pool, built-in BBQ and extensive upgrades. Gourmet kitchen with granite countertops, walk-in pantry with frosted glass door, maple cabinets, island and peninsula bar top. Formal dining and kitchen nook. Family room with french door exits to backyard. Master Suite with two walk-in closets, double sinks, tile surround bathtub and shower. Backyard Oasis! Travertine pavers surround the sparkling pool. Covered ramada with built-in BBQ. Wood shutters. 2 car garage. This home resides in the prestigious Seville Golf & Country Club and close to neighborhood park! Owned Solar, enjoy low SRP bills.

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13447 W Ballad Drive Sun City West, AZ 85375

$564,900

3 Beds

3 Baths

2,618 SqFt

Status Active

MLS # 6696003

Property Type Single Family Residence

Price Type --

You are going to love this home! Briarwood CC Golf Course Property. Remodeled 3 Bedroom, 2.5 Bath home with a convenient double front door entry, vaulted celing in the Front Room/Dining Room. New granite countertops in the kitchen and bathrooms. New Stainless Steel Appliances and new tile and carpet flooring throughout. All cabinets have been painted and popcorn ceilings have been removed. Master Bedroom has a dressing table, walk-in closet and private entry adjacent to the Rose Garden. Back Porch is an enclosed Arizona Room. The Back Porch/Garage floors have been coated and sealed. 2.5 car garage (room for a golf cart) is a handyman's delight with workbenches and lots of storage cabinets. Enjoy this Sun City West treasure! Property comes with a CC membership. ARMLS CMA value of $600,27

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11064 E Reginald Avenue Mesa, AZ 85212

$564,900

3 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6718268

Property Type Single Family Residence

Price Type --

This spacious and stunning home offers 3 bedrooms with 2 baths in the lovely Nova Vista neighborhood. Your family will love the large Bonus/Gaming Room close to the split bedrooms. The home offers a large kitchen that opens up to the family room and dining room making this great for entertaining! Enjoy the backyard under the covered patio, or out in the grass! Front and back yard are low maintenance with great appeal. It is located close to schools, shopping and easy access to Highway 202. Easy access, come see it today!

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4565 S Merriman Way Gilbert, AZ 85297

$564,900

4 Beds

2 Baths

1,793 SqFt

Status Active

MLS # 6747135

Property Type Single Family Residence

Price Type --

Welcome to 4565 S Merriman Way, a beautifully maintained 4-bedroom, 2-bathroom home offering an inviting living space. The open-concept kitchen features modern appliances, a spacious island, and ample cabinetry. Relax in the elegant master suite with a walk-in closet and an en-suite bathroom. The highlight of this home is the entertainer's dream backyard, complete with an outdoor BBQ kitchen, gazebo, fridge, and sink. Enjoy community amenities such as playgrounds, walking paths and tennis courts. Conveniently located near shopping, schools and major highways.

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3052 S Wesley -- Mesa, AZ 85212

Open House

$564,900

4 Beds

2 Baths

2,293 SqFt

Status Active

MLS # 6732919

Property Type Single Family Residence

Price Type --

Spacious and incredibly well kept four bedroom home in the beautiful Santa Rita Ranch community! This home has a breezy flow, perfect for entertaining, alongside a large backyard! This split floorplan offers a large primary suite, with an incredible bathroom & walk in closet! HVAC is only two years old! Enjoy nearby parks within walking distance, or take a short drive to shopping and entertainment!

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