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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8741 S 167th Drive Goodyear, AZ 85338

Open House

$559,000

3 Beds

2 Baths

2,030 SqFt

Status Active

MLS # 6718833

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the stunning Estrella Mountain Ranch master planned community! Nestled at the foothills of the Estrella Mountains, this immaculate Kendrick Model with a premium lot single-story residence boasts 3 bedrooms, 2 bathrooms, and an array of premium features. Key Features:

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17335 W Acacia Drive Goodyear, AZ 85338

Open House

$558,990

5 Beds

4 Baths

2,801 SqFt

Status Active

MLS # 6732391

Property Type Single Family Residence

Price Type --

This beautiful home is nestled in the heart of the Estrella Mountains with a spacious primary bedroom with full bath downstairs, beautifully enhanced gourmet kitchen, huge granite Island, natural wood look tile, kitchen backsplash, 8 ft doors. Host your next dinner party in the open dining and great room then transition to the covered back patio for dessert and a nightcap. This home is under construction. will be ready for end of August close. Located within the Estrella masterplan with 2 state-of-the-art Residents Clubs including fitness centers and pools, Starsplash Water Park, and a community lake with activities including boat rentals.

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14823 W El Cortez Place Surprise, AZ 85387

$558,961

3 Beds

2.5 Baths

2,594 SqFt

Status Active

MLS # 6747471

Property Type Single Family Residence

Price Type --

Oxford plan with expected completion in November. Have toys? This home has a 4-car tandem garage. Professionally designed with quartz countertops, wood-look tile, light gray cabinets, etc. Located in beautiful Miravida surrounded by mountains and many neighborhood amenities like playgrounds, pickleball courts, and picnic areas.

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5522 N 193rd Avenue Litchfield Park, AZ 85340

Open House

$558,954

4 Beds

3 Baths

2,751 SqFt

Status Active

MLS # 6753532

Property Type Single Family Residence

Price Type --

BRAND NEW COMPLETED HOME! SELLER IS OFFERING CLOSING COST AND RATE BUYDOWN SPECIALS Beautiful open floor plan with 4 bedrooms, 3 baths, Flex Room & 2 car garage on an oversized lot. Ceilings are 10' and all interior Doors are 8'! Beautiful Kitchen with Staggered slate cabinets, Stainless Steel appliances w gas, Wood plank tile throughout the home except for the bedrooms. Beautiful Quartz counter tops in the kitchen, walk in tiled Shower in Master with separate his and her vanities. Guest rooms are large, and one has a walk-in closet. Wonderful flex room for that home office or den.

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20100 N 78th Place Unit 2083 Scottsdale, AZ 85255

$558,888

3 Beds

2 Baths

1,286 SqFt

Status Active Under Contract

MLS # 6721688

Property Type Apartment

Price Type --

Discover luxury living at The Edge at Grayhawk, a gated community. This fully remodeled 3-bed + den, 2-bath condo is complete with ultra rare amenities including unobstructed desert views from the covered balcony with HOA-approved sun shades and offers a 1-car garage in addition to the covered carport space. Remodeled with high-end finishes including quartz countertops, custom ceiling-height cabinetry, LVT flooring throughout, porcelain backsplash, all new SS appliances, light fixtures, additional ceiling fans, and a new water heater. Enjoy pools, spa, gym, pickleball at TP Park, proximity to TPC Scottsdale, Westworld, Kierland/Quarter, Desert Ridge, Loop 101 Freeway, and hiking trails. With resort-style amenities and 24/7 security, this is perfect for lock & leave or primary living

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14189 W Sand Hills Road Surprise, AZ 85387

$558,688

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6758381

Property Type Single Family Residence

Price Type --

MLS#6758381 January Completion! The 50RM1 floorplan at Rancho Mercado combines functionality with elegance. Step into the foyer and discover an inviting open-concept design that effortlessly connects a spacious gathering room, dining area, and gourmet kitchen. The outdoor living area is perfect for al fresco dining and memorable family moments. The owner's suite, thoughtfully tucked away for privacy, features double vanities and a large walk-in closet, adding a touch of sophistication to this stunning home. Structural options include: alternate A/C Location.

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19044 N 98th Lane Peoria, AZ 85382

$558,000

3 Beds

2 Baths

2,372 SqFt

Status Active

MLS # 6756117

Property Type Single Family Residence

Price Type --

Beautiful Completely Remodeled Home in Westbrook Village* 9,458 Sq Ft Cul-De-Sac Lot* Tile Floors Throughout Home* Amazing Kitchen with Bosch Stainless Steel Appliances 2020, Granite Countertops, Beautiful Maple Cabinets, Kitchen Island, Built-In Desk, Pantry, Pull Out Shelves, Breakfast Bar, Breakfast Room, Bay Window with Seating Bench* Elegant Formal Living & Dining Room* Family Room with Large Sliding Door & Custom Window Covering* Master Suite has Master Bath Remodeled with Tile Surround Shower, Walk-In Tub with Jets, Maple Cabinets, Granite Countertops, Double Sinks, Replaced Fixtures and Mirror with Lg. Walk-In Closet* Second Bedroom with Ceiling Fan & 2nd Bath Remodeled Shower with Surround Tile & Glass, Maple Cabinets & Replaced Fixtures* 3rd Bedroom/Bonus Room, No Closet* Arizona Room for Small Office* Laundry Room with High-End LG Washer/Dryer with Small Load Pedestal Washer and Walk-In Pantry* Two 3 Ton 16 Seer American Standard A/C Units 2017* Solatube Skylight* Replaced all Window Coverings* Security Roller Shades on Sliding Doors and Most Windows* Double Entry Front Door* 2 Car Extended Garage with Split A/C Unit, Area for Golf Cart, Built-In Cabinets, Utility Sink & Garage Opener* Garage Roof Replaced 2020* 5 Ceiling Fans* Extra Built-In Storage Closet* Water Softener* Reverse Osmosis System* Hot Water Heater Replaced 2024* Professional Landscaped with Trees, Fruit Trees, Full Extended Covered Patio, and Tile Extended Slab with Block Fencing* Must See This Beautiful Home*

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16302 E Bobwhite Way Scottsdale, AZ 85262

$558,000

3 Beds

2 Baths

1,639 SqFt

Status Active

MLS # 6662898

Property Type Single Family Residence

Price Type --

Great Value Here and grandfathered into the Epcor standpipe water supply without having to pay the $24k fee! This 3 bed / 2 bath upgraded home has a beautiful open floorplan, light and bright with amazing mountain views captured from the windows and oversized screened in patio. The kitchen has quartz counters, a large island, tiled backsplash & stainless appliances. Other upgrades include beautiful plank tile flooring throughout, new fixtures & tiled showers. There is also a great amount of storage including a walk-in pantry, a large laundry room and good sized closets! As you step outside through the double glass sliding doors you will be amazed by the breathtaking, unobstructed mountain views. This area is growing quickly and it's a great time to get in while it's still being built up

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320 S Hoss Road Dewey, AZ 86327

$558,000

3 Beds

2 Baths

1,883 SqFt

Status Active

MLS # 6724604

Property Type Single Family Residence

Price Type --

Looking for wide open spaces with room for your horses? Welcome home to this recently updated 3-bed, 2-bath gem! Showcasing barn wood feature walls, 9ft ceilings, a striking stone tiled fireplace, and a pristine kitchen with new cupboards, countertops, and appliances. Admire the sleek stone backsplash and spacious island. The primary suite dazzles with a walk-in double shower, dual sinks, a walk-in closet and backyard access. Freshly painted inside and out, upgraded fixtures, and 360 degree panoramic views from every window. Enjoy your morning coffee or happy hour on the expansive covered patio. This home is IMMACULATE and move-in ready!

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13121 W El Cortez Place Peoria, AZ 85383

$557,999

3 Beds

2.5 Baths

2,471 SqFt

Status Active

MLS # 6732952

Property Type Single Family Residence

Price Type --

BRING YOUR TOY'S! - This 3-bedroom, 2.5-bath +Loft home with a cooled 44-foot RV garage and 220v in Rancho Cabrillo is impressive. The modern, great room design, upgraded kitchen with 42'' cabinets, stainless steel appliances, and a gas range make it very appealing. The built-in surround sound and hidden AV storage add a nice touch for entertainment. Upstairs, the loft area provides extra space, perfect for teens or additional relaxation. The landscaping and automatic watering system are great conveniences, saving you the hassle and $$$ of doing it yourself in a new build. North/South exposure, new carpet, and paint. Close to Happy Valley and the 303 for easy access. This is a well-equipped and comfortable home, comes with plenty of amenities for modern living!

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2224 W Chisum Trail Phoenix, AZ 85085

$557,990

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6736447

Property Type Single Family Residence

Price Type --

**This is a to be built listing, this home is ready for personalization and can be built on your choice of homesite. This is an advertisement of our base price for this elevation** Welcome to Ashton Woods at Union Park at Norterra - community blends the timeless charm of historic neighborhoods with the vibrancy of in-town living. Ownership in Union Park includes access to The Post with a family and kid's pool, playgrounds, parks, basketball, pickle ball courts and event lawns. Ashton Woods at Union Park is conveniently located to major employment, the 17 and 101 freeways, and within walking distance to the shopping and entertainment destination, Norterra. The classic downtown feel of this neighborhood is truly one-of-a-kindwhich features outstanding community amenities, convenient access to the 17 freeway and shopping. The open concept Ridgeline plan is highly sought after and with 3 bedrooms and 2.5 baths. There is still time to design and personalize your structural features and finishes! This home includes an open concept kitchen with granite countertops, 42'' upper cabinets, and stainless steel appliances with a gas range. Amazing spa like primary suite with dual vanities, separate water closet and ample linen storage. This floorplan features sizable secondary bedrooms, laundry upstairs and comes standard with with 9' ceilings on both floors, front yard landscaping maintained by the HOA, paver driveway, and much more! Energy Star home for remarkable comfort, energy efficiency and environmental sustainability!

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5839 E Jensen Street Mesa, AZ 85205

$557,900

3 Beds

2 Baths

2,031 SqFt

Status Active

MLS # 6707414

Property Type Single Family Residence

Price Type --

This charming three-bedroom two bath home with a three-car garage and bonus room that can be used as a media exercise, or playroom is nestled in the golf course community of Alta Mesa. Upon entering the home, you will be greeted by light bright walls and vaulted ceilings. Coupled with a two-way fireplace that leads to a spacious and cozy family room. The heart of the home is the kitchen, a haven for a culinary enthusiast. Large granite island counters for eating and entertaining. The backyard epitomizes comfort relaxation and entertainment. Three mature fruit trees. Synthetic grass, gravel a privacy wall and so much more

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