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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17463 N 66th Avenue Glendale, AZ 85308

$563,980

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6645957

Property Type Single Family Residence

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FINAL OPPORTUNITY! ** LAST LOT REMAINING * * Our last available home in the community is now available, nestled along the scenic Skunk Creek Trail near Arrowhead. This home is scheduled for a December completion. Priced affordably in the mid- $500s. Price includes all pre-selected finishes and options and includes front yard landscaping. This 3-Bedroom, 2.5 baths and 1832sq ft has no stairs or steps, with a bright, open Great Room and features a wall of sliding doors to covered patio; Be the envy of your friends and family with this amazing Gourmet kitchen, with oversized island, walk in pantry, 42'' upper cabinets—all open to the Great Room with lots of light! Special rate buydown available for a limited time.

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5030 W Beryl Avenue Glendale, AZ 85302

$563,843

5 Beds

3 Baths

2,526 SqFt

Status Active

MLS # 6703099

Property Type Single Family Residence

Price Type --

Located in North Central Glendale, Convenient to everything!! Gorgeous Open Plan with bedroom & full bathroom downstairs!!Kitchen includes tons of cabinets, LARGE ISLAND, and Walk in Pantry for all the space required to live comfortably!! Plus, a grand primary suite, second-floor laundry room. Mission stair railing upstairs and downstairs. Extended slider in great room for a bright, open feel! 8' garage doors. Designer finishes include: 42'' white shaker style cabinets with satin nickel hardware. Kitchen comes with modern back-splash, Quartz counters & 8X36 Plank Tile floors!!! Home should be ready this FALL.

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13819 E Cavalry Drive Scottsdale, AZ 85262

$563,000

3 Beds

2 Baths

1,637 SqFt

Status Active

MLS # 6750818

Property Type Single Family Residence

Price Type --

Experience unparalleled privacy in this Scottsdale sanctuary. Nestled on a cleared lot with unobstructed mountain views in every direction, this 2-year-old modern home offers a tranquil escape from the everyday. With thoughtfully treated windows featuring sun-blocking film and a design that ensures seclusion, you'll enjoy serene moments without interruption. The expansive space includes two 50 amp plugs for RVs or toy haulers, making it ideal for both relaxation and adventure and is less than 2 miles from riding trails. Embrace the peace and privacy of your own desert retreat, ready for immediate move-in. Grandfathered into Epcor standpipe water supply with no extra fees.

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1401 E Osborn Road Phoenix, AZ 85014

$563,000

3 Beds

2 Baths

1,921 SqFt

Status Active

MLS # 6667358

Property Type Single Family Residence

Price Type --

This beautiful 1947 home in Ashby place neighborhood is in the heart of Phoenix just north of Cheery Lynn Historic District. Nicely updated with brand new dual pane energy efficient windows throughout entire house, fresh interior and exterior paint, new shower tile, granite countertops and stainless steel appliances in kitchen, new roof in 2022. Detached carport, shop/storage. Solar lease. Close to Phoenix Country Club, Phoenix Children's Hospital, quaint eateries, freeways 51 and 10 freeways. You don't want to miss out on this lovely home.

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2738 N 217th Avenue Buckeye, AZ 85396

$562,997

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6748415

Property Type Single Family Residence

Price Type --

This is a to be built home -- 6/7 months build time. Welcome to your 3-bed, 2.5-bath home with a 3-car tandem garage, located in Sienna Hills next to Verrado, nestled on The White Tank Mountains for privacy and views. With a North/South orientation, this energy-efficient home features cutting-edge SPRAY FOAM insulation and an electric car charger outlet. Enjoy granite countertops, a pot filler over the stove, paver driveway, 8' overhead garage door, and a double gate on a 10' side yard for your off-road toys. The 12' sliding glass wall seamlessly connects indoor and outdoor living. HOA dues include a pool, jacuzzi, clubhouse, and gym!

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16911 W Jenan Drive Surprise, AZ 85388

$562,924

3 Beds

2.5 Baths

2,587 SqFt

Status Active

MLS # 6758419

Property Type Single Family Residence

Price Type --

MLS#6758419 January 2025 Completion! The 45-RM3 at Paradisi Almeria Collection is a single-story home offering 2,587 square feet of living space, with 3 bedrooms, 2.5 bathrooms, a study, and a 2-car garage. The foyer guides you past the secondary bedrooms and laundry room, leading into a spacious open-concept kitchen, casual dining area, and gathering room. Conveniently located off the kitchen and dining space, the study offers added flexibility. The primary suite features a large walk-in closet, dual vanities, and a split tub and shower in the bathroom, perfect for enjoying a relaxing soak. Structural options include: gourmet kitchen with gas cooktop, 12' multi slide glass door, 8' interior doors, garage service door.

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20413 W Calle Encorvada -- Buckeye, AZ 85396

$562,500

2 Beds

2 Baths

1,657 SqFt

Status Active

MLS # 6681414

Property Type Single Family Residence

Price Type --

Beautiful one of a kind home in Victory Verrado completely remodeled with high end finishes! N/S exposure on a premium view lot backing to a wash. Designer (made in Italy) walnut kitchen cabinetry with oversized waterfall island! Unique bathroom designs offering natural stone sinks. Quartz countertops throughout. Other upgrades includes: custom 8ft doors, A/C unit relocated for noise reduction, high-end appliances: 2 top-of-the line refrigerators, washer/dryer, owned solar system, 220v car charging system, Epoxy garage floor, high end porcelain tiles throughout, backyard Gazebo w/fire pit, power awning, plumbed natural gas to BBQ and wok cooker, lifetime PPG paint throughout, tiled patio, slat-walls storage system installed in garage, commercial water softener system and much much more!

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2827 N 212th Drive Buckeye, AZ 85396

$562,073

4 Beds

4 Baths

2,514 SqFt

Status Active

MLS # 6741507

Property Type Single Family Residence

Price Type --

Welcome to your TO BE BUILT: 4-Bed, 4-Bath Mountain-View dream home nestled against the stunning White Tank Mountains, offering unparalleled privacy and breathtaking views. This East/West oriented gem boasts grand 10' ceilings and elegant 8' doors throughout, creating a sense of luxury and space. The chef-inspired kitchen is a culinary delight, featuring a gas cooktop, wall oven micro combo, large pantry, premium countertops, and 42-inch upper cabinets. Perfect for entertaining, the home seamlessly blends indoor and outdoor living with multiple sliding glass doors leading to a spacious patio. The expansive owner's suite is a retreat of its own, complete with a big closet and a huge walk-in super shower with a rainhead. Located just minutes from the Sienna Hills Swim park/gym/clubhouse!

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3454 E Jasmine Way San Tan Valley, AZ 85143

$562,000

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6752588

Property Type Single Family Residence

Price Type --

You'll love this beautiful ranch-style home in the desirable Community of Bella Vista Farms! With 5 beds, 3 baths, & a 2-car garage, this 2024-built gem offers comfort & style! Inviting hallway ushers you to the spacious open layout enhanced by tall ceilings, wood-plank tile flooring, multiple exits, & recessed lighting t/out. The impeccable kitchen is outfitted with sleek SS appliances, granite counters, rich wood shaker cabinetry with crown molding, & a sizable island with a breakfast bar. The grand main suite has plush carpeting, a pristine ensuite, a walk-in closet, & outdoor access. The home's elegance extends outdoors to the serene backyard that comes with a extended covered patio, artificial turf, & pavers. Enjoy amenities like a community pool, playgrounds, sports fields, etc.

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14581 W Corrine Drive Surprise, AZ 85379

$562,000

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6723072

Property Type Single Family Residence

Price Type --

Look no further! This fabulous 3 bed, 2.5 bath residence now on the market is for you! Featuring a charming facade w/stone accents, easy-care landscape, a 2 car garage, paver driveway, and a welcoming front porch! Inside you will find spacious dining & living areas w/high ceilings, elegant wood-look tile flooring, soft carpet in all the right places, upgraded light fixtures, and neutral palette throughout. The fabulous eat-in kitchen is a chef's dream come true, comprised of white cabinetry w/crown moulding, a walk-in pantry, granite counters, high-end appliances such as dual wall ovens, and an island complete w/a breakfast bar. Enjoy a good night' sleep in the primary bedroom, boasting a walk-in closet, and a lavish ensuite w/dual sinks. Finally, the wonderful backyard includes a covered patio, extended seating area, artificial turf, and a sparkling blue pool perfect for the warm summer days! What are you waiting for? Act now before it's gone!

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7667 W Saddlehorn Road Peoria, AZ 85383

$561,990

3 Beds

2 Baths

1,579 SqFt

Status Active

MLS # 6688575

Property Type Single Family Residence

Price Type --

Highly sought after Violet floor plan single story home! This home is already under construction and approximate completion is estimated to be late Summer 2024 or before. This thoughtfully planed 3 bedrooms, 2 full baths has just the right amount of space! Come home to soothing tranquility and enjoy our carefully curated designer color palette dubed ''Harmony'' for a reason! This home has great curb appeal and an open concept that is ideal for hosting and entertaining! The kitchen has an island with quartz counter tops with classic backsplash, undermount sink, shaker style cabinets, natural woodplank tile, and a walk-in pantry. The dining area has a gorgeous upgraded 4-panel sliding glass door that leads you to your outdoor patio that can provide that highly desired indoor/outdoor living space. The primary room has a spacious walk-in closet, double sinks, large walk-in shower, and an additional linen closet for extra storage and so much more.

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3131 N Central Avenue Unit 5021 Phoenix, AZ 85012

Open House

$561,668

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6608702

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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