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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2214 E Roma Avenue Phoenix, AZ 85016

$554,999

3 Beds

1 Bath

1,186 SqFt

Status Active

MLS # 6715765

Property Type Single Family Residence

Price Type --

You don't want to miss this tastefully updated single-story home with no HOA! This beauty features an easy-care landscape, green lawn, carport parking, RV gate, extended driveway, & full-length front porch. Discover a welcoming open layout adorned with tall ceilings & soothing paint tones complemented by wood-style flooring. The immaculately designed kitchen boasts SS appliances, quartz counters, tile backsplash, recessed lighting, rich wood cabinetry, & a breakfast bar great for morning conversations. This gem includes three perfectly sized bedrooms with sliding door closets & a pristine full bathroom with a designer's tile shower/tub combo. A spacious AZ room with a walk-in closet is perfect for year-round entertainment! Host memorable get-togethers in the vast backyard! Move-in ready!

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17160 W Mariposa Grande Boulevard Surprise, AZ 85387

$554,995

3 Beds

2.5 Baths

2,390 SqFt

Status Active

MLS # 6683749

Property Type Single Family Residence

Price Type --

Explore this exceptional Pinecrest home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: a welcoming covered porch; a quiet study; a convenient laundry; a spacious great room with multi-slide doors leading onto a relaxing covered patio; an open dining area; a gourmet kitchen offering quartz countertops, 42'' cabinets, a walk-in pantry and a center island; a lavish primary suite showcasing a generous walk-in closet and a private bath a 2-car garage and a single-car garage. This home also offers stone tile flooring and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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23119 E Twin Acres Drive Queen Creek, AZ 85142

$554,990

5 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6750345

Property Type Single Family Residence

Price Type --

Brand new phase!. Our Clark plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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15992 N Gil Balcome Street Surprise, AZ 85374

$554,990

5 Beds

2 Baths

1,955 SqFt

Status Active

MLS # 6724780

Property Type Single Family Residence

Price Type --

HUGE PRICE REDUCTION!! Stunning Fully Remodeled 5-Bedroom Home w/ Luxurious Features This remodeled, move-in-ready home boasts 5 bedrooms & 2 baths on an oversized lot backing to a serene Greenbelt. The gourmet kitchen features custom cabinetry, chef's kitchen appliance package, pot filler, large granite sink, quartz countertops and an oversized island. Wood tile flooring t/o, 10 ft ceilings, upgraded paint, 5 1/2 in baseboards, new doors, and dual-pane windows provide style and efficiency. Luxury baths with dual sinks and floor to ceiling tile. Master Suite features a custom master closet. Laundry room with new GE washer/dryer and cabinetry storage. Outdoors, enjoy a landscaped yard, Pebble Tech Pool, 12x43 covered patio, 12ft RV Gate and 5 car driveway. Move in ready & waiting for you!

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239 S 165th Avenue Goodyear, AZ 85338

$554,990

4 Beds

3 Baths

2,456 SqFt

Status Active

MLS # 6656240

Property Type Single Family Residence

Price Type --

START PACKING - Amethyst - This large single level home is be stunning. Extended covered patio, pavers at drive, walk, entry. Stainless steel gas appliance package with build in 30'' cooktop, wall oven, microwave and canopy hood. Barnett Duaraform Linen (off white) cabinets throughout the home with 42'' upper cabinets in the kitchen. DT Quartz evening gray countertops in kitchen with undermount single bowl sink in white. Upgrade flooring includes EMS Beaumont 7x24 Bosso tile in all areas of the home except bedrooms/closets. 5'' baseboards and door casings. Dual sinks at bath 2. EMS Empress Oro 12x24 tile at tub and shower surrounds in the owner's bath. Soft water loop, 8' garage doors with two remotes and much more.

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1024 N Moccasin Trail Gilbert, AZ 85234

$554,900

4 Beds

2 Baths

2,063 SqFt

Status Active Under Contract

MLS # 6731571

Property Type Single Family Residence

Price Type --

Make your home in the heart of Gilbert! This beautiful 4 bed, 2 bath home on a premium lot is looking for only it's second owner. A newly painted exterior, manicured front yard, a 2-car garage with built-in cabinets, and a welcoming porch are just the beginning. Inside you will find large dining & living areas w/newly installed wood-look flooring in all the right places, vaulted ceilings w/skylight, and a neutral palette w/fresh interior paint. The kitchen is comprised of white cabinetry, ample counter space, a prep island, a large pantry, and recessed lighting. Enjoy brand-new stainless-steel Whirlpool appliances including a gas range. Soak in the sun or enjoy entertaining on cooler evenings with a backyard that includes a covered patio, extended seating areas w/pavers, a lovely gazebo, and mature citrus trees. Finally, end your busy day in the primary bedroom with a charming bay window, a walk-in closet, and a full bath with dual sink. Near every amenity the Valley has to offer, isn't it time for you to discover the joy of Gilbert living?

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11543 E Quade Avenue Mesa, AZ 85212

$554,900

4 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6748907

Property Type Single Family Residence

Price Type --

Beautiful home with OVERSIZED lot! Mountain VIEWS! Expansive backyard features an extended patio, fenced pebble-tec, pool w/waterfall feature, plenty of grass, additional concrete slab SPORT COURT*French doors open to a den*LARGE loft*New carpet and new paint throughout*Kitchen is a chef's delight, featuring granite counters, SS appliances, a walk-in pantry, and a breakfast bar*Spacious master bedroom, dual sinks, separate tub/shower, and two HUGE walk-in closets*The garage includes attached cabinets for extra storage*North/South exposure*Located close to schools, shopping, restaurants, golf, airport, parks, AZ Athletic Grounds, ASU Polytechnic Campus, and easy access to Highway 202, 60, 24 freeways!

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15971 N 91st Drive Peoria, AZ 85382

$554,900

4 Beds

2 Baths

2,310 SqFt

Status Active

MLS # 6739323

Property Type Single Family Residence

Price Type --

Beautiful Single Level Home Located in Desired Arrowhead Horizons area. This home features, a Formal Living & Dining Room w/Vaulted Ceilings, Open Kitchen w/Breakfast Bar, Appliances Included & Eat-In Dining Room w/4 Bedroom, 2 Bath. Spacious Family Room, Master Bedroom w/Walk-In Closet, Master Bathroom w/Dual Sinks & Separate Tub & Shower, Split Floor Plan, Wood Shutters Throughout, Covered Backyard Patio, Sparkling Swimming Pool, 2 Car Garage, RV Gate w/RV PARKING, NO HOA. Walking Distance to Desert Harbor Elementary & Within minutes to Centennial High School. Close to Loop 101, Arrowhead Mall and the Phoenix Cardinals Stadium and much, much more

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2430 E Cathedral Rock Drive Phoenix, AZ 85048

$554,900

4 Beds

2 Baths

1,817 SqFt

Status Active

MLS # 6730276

Property Type Single Family Residence

Price Type --

Welcome to your beautiful single-level home in the desirable Mountain Park Ranch community of Ahwatukee. This charming residence offers a perfect blend of comfort, style, and functionality. As you enter, you'll be greeted by stunning wood floors that flow seamlessly throughout the living spaces, enhancing the home's warm ambiance. The spacious living area features soaring vaulted ceilings, creating an airy feel perfect for gatherings or quiet evenings at home. The kitchen is a chef's delight, featuring elegant granite countertops, modern appliances, and ample cabinet space for all your culinary needs. Step outside to your private backyard oasis, where you'll find a serene environment with no homes directly behind, offering stunning mountain views that create a picturesque backdrop.

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1373 E Pine Ridge Drive Prescott, AZ 86303

$554,900

4 Beds

3 Baths

2,405 SqFt

Status Active

MLS # 6703281

Property Type Single Family Residence

Price Type --

Beautifully updated home in desirable NO HOA ''Sherman Pines'' Subdivision in Prescott. Nestled among the pines, w/ PAVED ACCESS & FLAT driveway. Down the street from Goldwater lake & only 2.5 miles from downtown. This 4 bd, 3 ba, 2 car tandem garage home has been updated with new paint inside & outside, new kitchen granite countertops, new Stainless steel appliances, new laminate flooring on the main floor, and new ceiling fans/lights. Two main bathrooms have been fully remodeled. In addition, main floor contains unheated Arizona room and private rear covered deck. Lower ground floor consists of family room w/ open fireplace, 3/4 bathroom, oversized laundry & access to garage. Fully fenced flat lot is perfect for pets & kids. New septic in 2023.

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23823 W Morning Star Lane Wittmann, AZ 85361

$554,900

4 Beds

2 Baths

2,142 SqFt

Status Active Under Contract

MLS # 6680514

Property Type Single Family Residence

Price Type --

Welcome to this another gorgeous, popular, and contemporary Bellator Homes floor plan on a HUGE acre lot! This NEWLY BUILD home was built by a reputable builder of the valley, since 1979. Offering 4 beds, 3 baths, & a 3-car garage. Discover a spacious open layout paired with chic light fixtures, wood-look tile flooring, a neutral palette, and multi-sliding doors to the back. The kitchen boasts granite counters, subway tile backsplash, a pantry, ample shaker cabinetry, and an island w/breakfast bar. Cozy dining area w/bay window! Plush carpet adds comfort to the bedrooms. Main bedroom has an ensuite with a soaking tub, separate shower, dual sinks, & a walk-in closet. Check out the expansive backyard with a covered patio and so much potential! Must see the majestic Mountain Views! Just WOW!

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11490 N 162nd Lane Surprise, AZ 85379

Open House

$554,900

4 Beds

3.5 Baths

2,695 SqFt

Status Active

MLS # 6741317

Property Type Single Family Residence

Price Type --

Welcome to finer living in this beautifully appointed Shea Home. Featuring 4 bedrooms, 3.5 bathrooms, and 3 car garage. Equipped with a junior on-suite on the main floor for multigenerational living. Enjoy the well designed high end kitchen with KitchenAid appliances, white quartz countertops, and deluxe high end cabinetry. Formal living and family rooms along with a flex space provides ample space for comfortable living. The upstairs laundry room is convenient next to the large secondary bedrooms and guest bath. Let's not forget the huge owner's suite with super shower and large walk in closet. Fresh turf in the back with a large paver patio make this backyard complete and ready for those sweet backyard gatherings. Check out the mountain view and the convenience to Prasada Shopping!

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