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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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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13716 N 146th Lane Surprise, AZ 85379

$549,990

5 Beds

3 Baths

2,756 SqFt

Status Active

MLS # 6723424

Property Type Single Family Residence

Price Type --

WOW - Come and See this Home at Marly Park Community. Be Amazed with the size of the kitchen and oversized Island - Kitchen comes with all SS appliances and lots of cabinets. Kitchen opens to family room and dining that overlook the back yard. Split floor plan - All Tile and No Carpet. low maintenance front and back yard. the community has a pool , work out room and Playground.

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4847 S Carver Avenue Mesa, AZ 85212

$549,990

4 Beds

3 Baths

2,435 SqFt

Status Active

MLS # 6753766

Property Type Single Family Residence

Price Type --

Welcome home to this charming Hibiscus, this 4-bedroom, 3-bathroom home spans 2,435 sq ft, offering spacious and well-designed living areas. As you walk up the paver driveway and enter through the front door, you will notice a spacious bedroom and full bathroom is downstairs. Continue into the home past the downstairs linen and coat closets and enter into an open bright entertaining space. Each of the four bedrooms is generously sized, providing comfort and privacy. A versatile loft adds extra living space, perfect for a home office, playroom, or entertainment area. The primary bedroom is spacious with a large walk-in closet and not one but two linen closets providing ample storage! Inside, you'll find luxurious finishes, including tile flooring throughout, adding warmth and elegance to the home. The kitchen is a chef's dream, featuring Quartz countertops, sleek white shaker cabinets, and top-of-the-line appliances. The upgraded Craftsman exterior enhances the home's curb appeal, making it stand out in the neighborhood! This home is truly move-in ready, with a washer, dryer, fridge, and blinds all included. A key bonus is the easy access to the Skate Park and additional other amenities within this community.

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21157 N 259th Avenue Buckeye, AZ 85396

$549,950

3 Beds

2 Baths

2,061 SqFt

Status Active

MLS # 6748517

Property Type Single Family Residence

Price Type --

Here is an Extraordinary home that has been meticulously cared for by the original owner. The backyard is perfect with a beautiful pool and water feature, firepit, covered area and a partially enclosed patio with a fireplace. This 3 bedroom, 2 bath home has a den/office/sitting room between the two secondary bedrooms. Also has a soft water system, reverse osmosis and a tankless hot water heater. There were a huge amount of upgrades put into the home when it was built and many more after purchase. You can be in this home before Thanksgiving and have the enjoyment of entertaining and have a view of the mountains!

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12761 W Parkway Lane Avondale, AZ 85323

$549,900

4 Beds

3.5 Baths

2,942 SqFt

Status Active

MLS # 6714596

Property Type Single Family Residence

Price Type --

QUICK MOVE-IN HOME!! ASK ABOUT OUR BELOW MARKET FINANCING! Gas Kitchen Appliances, 42'' Upgraded Cabinets, Upgraded Quartz Countertops Premium Luxury Vinyl Flooring, Upgraded Carpet in bedrooms & loft, 8' Interior Doors and Gas Drop-in Backyard. With its impressive square footage and thoughtful layout, this residence provides an ideal setting for both family living and entertaining guests. Don't miss the opportunity to make this impeccable home your own and experience the epitome of modern luxury living! N/S facing lot with views of the Estrella Mountains!

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175 N Holly Road Globe, AZ 85501

$549,900

4 Beds

2.5 Baths

2,177 SqFt

Status Active

MLS # 6737307

Property Type Single Family Residence

Price Type --

This is a new home!! This spacious home is newly constructed home by one of Globe's premier builder. This home is a definite must see!! There are 4 large bedrooms and 2.5 bathrooms. The master bedroom is on the main level and has separate soaking tub and walk-in shower, a great walk-in closet and custom cabinetry. Also on the main level, you'll love the open concept with a great kitchen with plenty of counter space, soft close cabinets, and quartz countertops. The kitchen opens up into the dining room and living area that is perfect for entertaining. There is also a 1/2 bath downstairs. Upstairs you'll find 3 more bedrooms, all good sized, and another full bathroom.

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3117 E Escuda Road Phoenix, AZ 85050

$549,900

3 Beds

2 Baths

1,509 SqFt

Status Active

MLS # 6759246

Property Type Single Family Residence

Price Type --

Completely renovated turn key offering. PERFECT location for Hwy 101, 51, & 17. Desert Ridge, City North, Scottsdale Promenade, Scottsdale Quarter, Kierland & more!! Words can not express the value of this home.

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24714 N 174th Lane Surprise, AZ 85387

$549,900

3 Beds

3 Baths

2,187 SqFt

Status Active

MLS # 6745889

Property Type Single Family Residence

Price Type --

Great Price! Great Value! Great Amenities! Welcome to the next chapter of your life! This impressive home offers more than just a place to live—it's your gateway to the lifestyle you've been dreaming of. From the moment you step inside, you'll feel a harmonious blend of peace & comfort. The gourmet kitchen, featuring gleaming granite countertops & stainless steel appliances, is a culinary enthusiast's dream, perfect for hosting gatherings. The open floor plan leads to a spacious primary suite, complete with upgrades, abundant storage, & a roomy walk-in closet. You will find 2 additional bedrooms, one guest suite boasts its own private entrance & patio - there is one more bedroom & den all offering additional opportunities to create spaces tailored to your personal preferences. The low maintenance landscaping and window treatments are already donesaving you time and money. Picture evenings in your private, manicured backyard complete with artificial turf, enjoying the warmth of the gas fire pit or unwinding under the covered patio. Whether relaxing or entertaining, this outdoor space is ideal for year-round enjoyment. Make sure to check out the garage with its epoxy floor - it feels like an extension of the home. Whether you're looking for a full-time residence or the perfect winter retreat, this homeand the communityoffer a lifestyle filled with luxury and connection. Scenic walking trails, a resort-style pool and spa, a state-of-the-art fitness center, and pickle ball courts are just a few of the amenities that encourage active living and lasting friendships. Come view the home today - you will be glad you did. See document section for all the additional items this home offers.

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