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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2121 W Sonoran Desert Drive Unit 41 Phoenix, AZ 85085

$559,995

3 Beds

2.5 Baths

1,567 SqFt

Status Active

MLS # 6648426

Property Type Townhouse

Price Type --

Check out this beautifully crafted 2-bedroom 2.5 bath home with well-appointed interior finishes. The casual dining area is adjacent to the kitchen and provides a convenient and intimate setting. Featuring designer upgrades throughout including flooring, cabinetry, quartz countertops, and stainless-steel kitchen appliances. The community is situated just minutes away from shopping, dining, and entertainment. Call today to learn more about this stunning Quick Move In and lending incentives!

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17401 W Sugar Hill Court Surprise, AZ 85388

$559,995

2 Beds

2.5 Baths

2,001 SqFt

Status Active

MLS # 6729874

Property Type Single Family Residence

Price Type --

Live at Sterling Grove Country Club! Located within a 55+ only neighborhood found within this beautifully landscaped, all-ages gated master planned community featuring an active lifestyle with golf, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars. This upgraded single level 2 bedroom, 2.5 bath, 2 car garage Potomac floor plan is move-in ready. The open-concept kitchen and great room provide the ideal space for entertaining. The expansive flex room is conveniently placed off the foyer, providing plenty of additional living space. The first-floor primary bedroom suite features a lavish bathroom and huge walk-in closet. Beautiful tile floors flow throughout the home.

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16399 W Avenida Del Sol -- Surprise, AZ 85387

$559,995

3 Beds

2.5 Baths

2,506 SqFt

Status Active

MLS # 6702001

Property Type Single Family Residence

Price Type --

Discover the essence of luxury in this home featuring an upgraded gourmet kitchen with quartz countertops, 42-inch cabinets, & expansive walk-in pantry. The spacious design includes 10-foot ceilings, staggered wood-look tile, and multi-slide patio doors that enhance the open, airy feel. The Primary suite bathroom features an upgraded shower with an added secondary rain shower head. Practicality meets style with 8-foot garage doors & paver driveway, offering ample space for storage and vehicles.

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16372 W Avenida Del Sol -- Surprise, AZ 85387

$559,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6718700

Property Type Single Family Residence

Price Type --

This home features a must have 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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11432 E Quicksilver Avenue Mesa, AZ 85212

$559,995

5 Beds

2.5 Baths

3,096 SqFt

Status Active

MLS # 6736112

Property Type Single Family Residence

Price Type --

Very large 5-Bedroom home in Mountain Ranch subdivision, All Bedrooms are large, new tile floors throughout, formal Dining room, Kitchen Nook for other Dining, Pantry , Living room open to the Island Kitchen, Main floor Master Bedroom plus another on upper floor, both large, Huge Loft Rec room, No smokers or pets ever,Southern facing, Nice two car Garage, new Epoxy floor, 2 new Trane 4 ton AC units, 10 year warranty, These are gas for lowest cost vs electric, Brand new Tile roof with 10 year warranty, New vinyl thermopane windows, Large 7,000 sq ft lot, Low maintenance backyard big enough for a pool, Lockable side gate, lowest HOA dues, Lowest taxes for this large a home, Great Parks,walking and Kids play areas, Easy commute to both 202 and the 60 freeway, cheapest 5 Bedroom in 85212 New Roof Warranty

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5608 W Paseo Way Laveen, AZ 85339

$559,990

3 Beds

2.5 Baths

2,024 SqFt

Status Active

MLS # 6744935

Property Type Single Family Residence

Price Type --

''Discover the perfect blend of style and functionality in The Topaz, a meticulously designed 3-bedroom, 2.5-bath home offering just over 2,500 square feet of luxurious living space. This stunning residence features a striking Craftsman exterior, setting the stage for a refined and welcoming interior. Step inside to be greeted by a spacious den perfect for a playroom and office. The heart of the home, the kitchen, is a chef's delight with its sleek 42-inch upper cabinets. The kitchen island contrasts elegantly with gray cabinetry and is complemented by matte black hardware, while the pristine white quartz countertops and neutral gray backsplash add a touch of sophistication. Top-of-the-line stainless steel appliances, including a refrigerator, gas stove, microwave, and dishwasher, are perfectly paired with a single-bowl stainless steel undermount sink and an upgraded faucet for a contemporary finish. Enjoy the convenience of 6x36 wood-like tile flooring throughout the main areas, paired with 9-foot ceilings and 8-foot interior doors that enhance the sense of space and openness. The expansive living room features a large 4-panel sliding glass door that seamlessly connects indoor and outdoor living, offering a light-filled, airy ambiance. The layout is thoughtfully designed with secondary bedrooms positioned at the front of the home, providing a private retreat for family or guests. The serene primary suite, tucked away at the back, is a true sanctuary. It boasts a spacious layout and an indulgent bathroom with dual square sinks, quartz countertops, and upgraded matte black fixtures. Quartz surrounds for the countertops add a luxurious touch to your daily routine. Additional features include a 3-car garage with a convenient garage door opener and a washer and dryer for added convenience. With its blend of modern amenities and thoughtful design, The Topaz offers the perfect setting for comfortable and stylish living. Experience the refined elegance of The Topaz Floorplanwhere every detail is designed with your comfort and convenience in mind.

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22867 E Lords Way Queen Creek, AZ 85142

$559,990

4 Beds

3 Baths

2,150 SqFt

Status Active

MLS # 6757201

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, 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 Harmony Palette, featuring 6 x 36 plank tile floors in the main living areas, plush carpeting in the bedrooms, stylish white 42 shaker upper cabinets with cabinet hardware, and stunning Carrara Breeze 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. Blinds, refrigerator and White washer and Dryer Included. 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! Personalized tour and begin your journey to owning your dream home at Madera.

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25520 S 227th Street Queen Creek, AZ 85142

$559,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6754239

Property Type Single Family Residence

Price Type --

Crimson with 4 bedrooms and a 2.5 baths and 3 car tandem garage. 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, hood. Barnett Maple Slate (Gray) cabinets with 42'' kitchen uppers and pullout trash drawer. AZT Della Terra Quartz Linen countertops in kitchen and on the enhanced island. Stainless steel undermount single bowl sink. Upgrade flooring includes Wood laminate EV Wood Vennice Kaki Oak in all areas of the home except beds/closets. Garage service door, 8' tall garage door opener with two remotes, dual sinks at bath 2, Stub out for future BBQ, soft water loop and so much more. Estimated completion Feb 2025.

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39950 W Bunker Drive Maricopa, AZ 85138

$559,990

5 Beds

4.5 Baths

3,199 SqFt

Status Active

MLS # 6759728

Property Type Single Family Residence

Price Type --

It's the stunning San Marino sitting on a LARGE LOT with over 14,000 sq. ft. Two story home with 4 bedrooms, 4. 5 baths, guest suite, teen space, and a 3 car garage. Large walk in shower at owner's bath. 12'x8 sliding glass door that leads out to the covered patio. Stainless steel gas appliance package with 30'' cooktop, wall oven, microwave and dishwasher. Benton Flagstone cabinets with AZT Oceana quartz countertops in kitchen. Upgrade flooring includes DT Broxburn Vl50 white 6x24 tile in all areas of the home except bedrooms, bath and laundry area. Soft water loop, window coverings and so much more. Estimated completion October.

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2855 E Quenton Street Mesa, AZ 85213

$559,990

3 Beds

3 Baths

1,973 SqFt

Status Active

MLS # 6736496

Property Type Single Family Residence

Price Type --

Experience luxury with this single-level home in Lehi Crossing, Mesa. This 3-bedroom, 3-bath residence features two master suites and an open Great Room plan that seamlessly connects the kitchen, Great Room, and dining areas. Located in a well-maintained gated community, the home boasts a large curved kitchen island with granite countertops, a full-length covered patio, and a tandem 3-car garage. Fully paid-off solar panels enhance energy efficiency. The community offers serene open spaces, covered playgrounds, and half-court basketball courts, with easy access to downtown Tempe or Scottsdale via Red Mountain Freeway, Loop 202, and Loop 101 Freeway.

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14632 W Georgia Drive Surprise, AZ 85379

$559,990

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6744715

Property Type Single Family Residence

Price Type --

Take advantage of VA assumable loan at 2.75%. Welcome to your move in ready home with a Modern Barn style featuring an Open Floor plan, 4 Bedrooms, 2.5 Bath, Den/Office, Loft, Gourmet Kitchen with upgraded grey cabinets, Quartz countertops with glass tile backsplash & stainless-steel appliances, Walk in Pantry nestled next to a charming shiplap mudroom, large island opens to the Great Room complemented by elegant wainscotting wall with tile planks flooring, Master Suite with separate shower and soak in tub, walk in closet. Did I mention energy efficient with solar panels, RO system & water system, 3rd car garage! The extra-large patio slider welcomes you to an extended Patio cover. perfect for entertainment with a custom BBQ, large backyard! The community features resort style amenities including pool, clubhouse, fitness center, BBQ are and much more. Very close to the 303 & shopping center.

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245 S 165th Avenue Goodyear, AZ 85338

$559,990

4 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6692716

Property Type Single Family Residence

Price Type --

It's the stunning Amethyst with 4 bedrooms, 3 full baths and large laundry room. Multi slide door off the great room perfect for entertaining. Cooks dream kitchen includes a stainless steel gas appliance package with a 30'' cooktop, wall oven, glass canopy hood. Pull out trash drawer with two bins. Single bowl white undermount sink. Tahoe Maple slate (Gray) cabinets with AZT Della Terra quartz Linen countertops in kitchen and owner's bath. Upgrade flooring includes EMS Riverside Firenza 20x20 tile in all areas of the home except bedrooms/closets. 5'' baseboards and 3 1/4'' door casings. Kitchen back splash had 1 x 3 Mosaic Herringbone tiles. Dual sink at bath 2. Interior two tone paint in Moth Gray. 8' tall garage door and garage service door. Estimated completion July.

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