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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12007 W Parkway Lane Avondale, AZ 85323

$549,995

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6741768

Property Type Single Family Residence

Price Type --

Explore this inspired Raleigh home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; a quiet study; a gourmet kitchen offering 42'' cabinets, quartz countertops, stainless-steel appliances, a double oven, a walk-in pantry and a center island; an open dining area; a generous great room with center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a large walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car garage. This home also offers stone tile flooring, additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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16379 W Avenida Del Sol -- Surprise, AZ 85387

$549,995

4 Beds

3 Baths

2,576 SqFt

Status Active

MLS # 6702044

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, & walk-in pantry. The spacious design includes 10-foot ceilings, upgraded modern floor tile, and center-meet patio doors that enhance the open, airy feel. There's space for everyone in this home with 5 bedrooms, 3 full bathrooms, and a study. 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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1432 E Lupine Avenue Phoenix, AZ 85020

Open House

$549,995

3 Beds

3 Baths

1,568 SqFt

Status Active

MLS # 6756124

Property Type Single Family Residence

Price Type --

This beautifully remodeled home, with an *INCOME-PRODUCING GUEST HOUSE* (main house is 1268 SqFt, and guest house is 300 SqFt) offers a blend of modern comfort and cozy charm tucked within the foothills of North Mountain. Step inside to discover stunning new hardwood flooring, fresh paint, and a newly installed (July 2024) HVAC system ensuring year-round comfort. The warm and inviting living room is truly the heart of the home, right off the kitchen, featuring a real wood-burning fireplace—perfect for lively conversations, game nights, or curling up with a good book. The kitchen boasts a new gas range and appliances, complemented by an adorable breakfast nook where you can savor your morning coffee while enjoying serene mountain views. Adding to the home's versatility is a moody movie room, which doubles as an additional bedroom with its built-in closet space. There's also a flexible den/office space that can be easily converted into another bedroom or used as a productive work-from-home area, adapting to your needs. The original bathroom has also been remodeled featuring a spa-like walk-in shower, beautiful tile work and vanity. The remodel also introduced an additional new full bathroom to the main house right off the primary bedroom with a soaking tub and exquisite details. Also, a newly added convenient laundry room/pantry enhancing both functionality and convenience with beautiful cabinetry, countertops beverage fridge and front load washer/dryer. The guest home, currently used as a successful short-term rental, this versatile space features a kitchenette, full bath, and living space which can serve as an income-generating asset or a private retreat for guests. Make it your own art studio or work from home office as well. With its fresh updates and modern upgrades, including a new septic system (October 2022), this home is ready for you to move in and enjoy. Don't miss out on this unique opportunity to own a home that combines modern amenities with charming, cozy living just steps away from the North Mountain Phoenix Preserve hiking and bike trails and minutes away from the AZ-51, Loop 101, Sky Harbor Airport, and many shopping and restaurant experiences. *Furniture available by separate bill of sale*

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2606 E Abe Truckle Avenue San Tan Valley, AZ 85140

$549,990

3 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6730768

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2171 sqare foot residence boasts a meticulously designed living space. Crafted with a keen eye for both style and functionality, this home harmoniously blends modern elegance with timeless comfort. This home seamlessly integrates open-concept living, featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, white cabinets and stainless steel appliances. The expansive owner's suite includes dual vanities in the bathroom and a large walk-in closet. Additional bedrooms offer ample space for family or guests, each thoughtfully designed with comfort in mind. Complete with a 4-car garage, two car tandem and a RV garage this residence represents the epitome of ideal living.

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5606 W Thurman Drive Laveen, AZ 85339

$549,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6693133

Property Type Single Family Residence

Price Type --

Welcome to this brand-new construction home! You drive up to a Farmhouse exterior with front desert landscaping, with the interior boasting 2623 sq ft on all one level offering a comfortable and spacious living space. The well-designed open concept floor plan features 9ft ceilings, 4 bedrooms and 3 and a half bathrooms with a 3-car tandem garage. Bedrooms 3 and 4 share a Jack-N-Jill bathroom in the front of the home, along with an additional bedroom and bathroom, while the primary suite is tucked away in the back of the home creating the ideal split floorplan. All bathrooms provide a clean quartz countertop with square modern sinks. The primary bedroom in the back of the home offers a spacious and private retreat with double square sinks, quartz countertops for the vanity and primary shower surrounds, extra linen closet for storage, and private water closet. The 3-car tandem garage allows for ample storage and additional parking. The design promotes seamless flow between the living, dining, and kitchen areas making it ideal for entertaining. Additionally, the formal dining space has a butler pantry are that connects into the kitchen creating an elegant space with additional cabinetry. The kitchen boasts a large island with beautiful granite countertops, contemporary shaker style white 42 upper cabinets, and subway style backsplash in the kitchen. The large great room offers ample entertaining space with a 8ft 4-Panel Slider for easy access to the covered patio. This home is fully move-in ready with all your appliances installed! You'll find stainless-steel kitchen appliances including dishwasher, gas range, and refrigerator. The plank tile floors throughout the home offer durability and easy maintenance, while creating a cohesive and stylish look. Plush carpeting with an enhanced carpet pad in the bedrooms adds a touch of comfort and coziness. In the laundry room, located off the garage entry, the matching washer and dryer ensure your home is equipped to take on whatever your family throws at it! Estimated to be complete in June. Located right off the new Loop 202 and Dobbins. Great location close to dining, freeways, parks, and entertainment.

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19338 W Missouri Avenue Litchfield Park, AZ 85340

$549,990

3 Beds

2 Baths

2,189 SqFt

Status Active

MLS # 6729378

Property Type Single Family Residence

Price Type --

Innovative design and timeless appeal combine with top-quality craftsmanship in the Darlington floor plan. Enjoy light open spaces as well as the best in energy efficiency in this well-appointed home. Soak up Arizona weather on your expansive covered patio with a backyard ready to create your desert oasis. This home has space in all the right places with the added bonuses of an oversized flex room, bright and open study and plenty of kitchen space for your inner chef. Retreat from a busy day to your soaking tub in your larger Owner's Retreat and Bathroom. Fall in love the thoughtfully selected designer finishes throughout this beautiful new home; 2X6 CONSTRUCTION & NEW HOME WARRANTY.

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5607 W Paseo Way Laveen, AZ 85339

$549,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6728643

Property Type Single Family Residence

Price Type --

Introducing the exquisite Jade floorplan, a haven of sophistication and comfort. With over 2600 square feet, this spacious residence boasts 4 bedrooms and 3.5 baths, complemented by a 3-car garage and features such as a formal dining area and butler's pantry—ideal for entertaining guests in style. Approaching the home, its picturesque farmhouse exterior, accented by a charming paver driveway, sets the stage for the exceptional elegance within. Step inside to discover a gourmet kitchen that is the heart of the home, featuring 42-inch white shaker style cabinets adorned with gun metal hardware. Mosaic white backsplash flows seamlessly with the pristine Carrara style white quartz countertops, offering a timeless canvas for culinary creativity. The expansive great room, bathed in natural light streaming through a magnificent 4-panel sliding glass door, seamlessly connects indoor and outdoor living spaces. Enjoy gatherings or quiet moments alike in the expansive backyard oasis beyond. Throughout the main living areas, 6 by 36 wood-like plank tile flooring provides not only durability but also warmth and visual appeal. This flooring choice enhances the home's charm and complements its modern design elements. Every bathroom in the Jade Floorplan is a testament to luxury, boasting round sinks with upgraded matte black finishes. Quartz countertops grace each bathroom, continuing the theme of sophistication and quality craftsmanship. Additional features include stainless steel appliances throughout, encompassing a washer, dryer, refrigerator, and garage door opener, along with a soft water loop for enhanced comfort and convenience. This meticulously crafted residence exemplifies the perfect union of luxury and practicality, offering a haven for discerning buyers seeking a superior lifestyle. Experience the unparalleled elegance of the Jade Floorplan firsthand.

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3031 W Thurman Drive Laveen, AZ 85339

$549,990

3 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6742954

Property Type Single Family Residence

Price Type --

This single-story home showcases an open floor plan with 9-ft. ceilings and an expansive great room that opens to a covered back patio. The kitchen is a chef's dream, boasting 42-in. upper cabinets, granite countertops, a large center island, and Whirlpool® appliances, including 4-door refrigerator. Emser® tile flooring flows seamlessly through the common areas, while each bedroom offers Shaw® carpeting. The versatile flex space makes the perfect home office, family game room, or formal dining space. The private primary suite includes an oversized closet, and the primary bath boasts a walk-in shower and a dual-sink vanity. Additional key features include walk-in closets at each bedroom, an extended garage, and an energy efficient A/C unit with a Wi-Fi-connected ecobee smart thermostat.

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641 E Aurora Drive San Tan Valley, AZ 85140

$549,990

5 Beds

3 Baths

2,144 SqFt

Status Active

MLS # 6709092

Property Type Single Family Residence

Price Type --

This new home located in the Queen Creek Corridor includes a large, upgraded kitchen overlooking the Great room with multi-slide door, ideal for hosting gatherings and indoor/outdoor living. The kitchen is a stunning centerpiece with elegant white cabinets compliment the waterfall quartz countertop. Your Primary Suite is a retreat for the day with a spa like bath. A 5th bedroom in lieu of home office adds extra space. Prewiring for Solar and an EV charger outlet in the garage make it a Department of Energy ''Zero Energy Ready Home' certified. ^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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1451 W Golden Ore Pass Apache Junction, AZ 85120

$549,990

4 Beds

3 Baths

2,264 SqFt

Status Active

MLS # 6745331

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created.

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710 E Aurora Drive San Tan Valley, AZ 85140

$549,990

3 Beds

2.5 Baths

1,970 SqFt

Status Active

MLS # 6755573

Property Type Single Family Residence

Price Type --

Ready for immediate Move-in!! This Tacoma home features a split floor plan with 3 bedrooms, 2.5 bathrooms and a 3-car garage. The open living area is highlighted by vaulted ceilings creating an inviting space perfect for gathering with family and friends. Designed with our signatures Farmhouse inspired ''Looks'' interior design collection, this home showcases Light Stain Cabinets with Quartz Countertops, Brushed Nickel Hardware! Wood look tile in the living areas and carpet in the bedrooms complete this home! Don't miss your chance to make this home yours!!! ^^^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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7215 W Mcrae Way Glendale, AZ 85308

New

$549,990

4 Beds

3 Baths

1,946 SqFt

Status Active

MLS # 6763020

Property Type Single Family Residence

Price Type --

Home, sweet home! Check out this remodeled 4 bed, 3 baths property waiting for you in Arrowhead Ranch! Lovely facade, 2-car garage, and a low-care landscape will greet you upon entry. Inside, you'll find gorgeous wood like flooring, vaulted ceilings, a welcoming foyer, and a spacious living room w/a tile-accented fireplace. Spotless white kitchen is fully equipped with full overlay shaker cabinets, tile backsplash, quartz counters, and an island w/a breakfast bar. Carpeted main suite provides a walk-in closet and an immaculate ensuite w/dual sinks and beautiful walk in shower with a soaking tub. Enjoy hanging out in the backyard w/a relaxing covered patio and a newly pebbled refreshing pool perfect to beat the summer heat. This gem won't be long in the market!

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