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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751 N Vineyard Street Mesa, AZ 85201

$545,000

3 Beds

2.5 Baths

1,765 SqFt

Status Active

MLS # 6739321

Property Type Single Family Residence

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MUST SEE!!!MUST SEE!!!MUST SEE!! INMACULATE!! AWASOME 3 BEDROOMS 2.5 BATHS THIS IS IT!!!! DO NOT LOOK ANY MORE!! GREAT AND EXPLENDID PROPERTY!! YOU WILL BE SO DELIGTHED!!! NICE, BIG, SPACIOUS!! OPEN AND BRIGTH, HUGE BACKYARD, BEAUTIFUL POOL WITH GAZEBOO!!!!. GREAT FOR ENTERTAIMENT !!! HOME IS VERY WELL TAKING CAREOF . IT HAS BEEN UPTADED AND LOOKS FANTASTIC!! YOU WILL NOT BE DISAPPOINTED!!! MUST SEE!!MUST SEE!!!MUST SEE!!!

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21802 E Camina Plata -- Queen Creek, AZ 85142

$545,000

3 Beds

2 Baths

1,870 SqFt

Status Active

MLS # 6751117

Property Type Single Family Residence

Price Type --

VIABLE UPGRADES GALORE!!! This 3 bdrm property nestled in the Villages at Queen Creek is the perfect, super-economical home, located minutes away from incredible shopping, restaurants and parks. Recently added was a new Trane 5-ton 18-seer A/C unit, a full solar system, shutters & sunscreens throughout. All these extremely reduce utilities. The open concept floorplan boasts white shaker cabinetry and a center island, all with quartz countertops. Also added, were extra cabinetry with a high-end Wolf steam oven, for the healthiest of cooking. In the garage is a 50k grain softener, beautiful epoxy flooring, overhead storage and extra electrical. BUT WAIT, there's more, .....but too much to list. Come see this amazing home before it's gone. You will absolutely love it.

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7009 E Acoma Drive Unit 2057 Scottsdale, AZ 85254

$545,000

3 Beds

2 Baths

1,264 SqFt

Status Active

MLS # 6746323

Property Type Apartment

Price Type --

Corner unit at the Plaza Residences in Scottsdale within walking distance to Kierland & Scottsdale Quarter. This 3 bed 2 bath unit is has a 1-car garage AND 1 carport spot located right outside. Laminate wood flooring and plantation shutters throughout the unit with a split floor plan and a wrap around patio in a prime location of the community backing to grassy area.

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28108 N Granite Avenue San Tan Valley, AZ 85143

$544,999

5 Beds

3 Baths

3,735 SqFt

Status Active

MLS # 6753036

Property Type Single Family Residence

Price Type --

Stunning 5-bedroom home in the highly sought-after San Tan Valley! This expansive 3,700+ sq ft property offers plenty of space for your family with a spacious loft perfect for a game room or secondary living room. Step into your backyard oasis featuring a sparkling pool, perfect for Arizona summers. The 3-car garage provides ample storage and parking space. With generous living areas, an open-concept kitchen, and a prime location near schools, parks, and shopping, this home is a must-see! Don't miss out on the opportunity!

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5326 W Manzanita Drive Glendale, AZ 85302

$544,995

4 Beds

3 Baths

2,077 SqFt

Status Active

MLS # 6762127

Property Type Single Family Residence

Price Type --

Explore this thoughtfully designed Slate floorplan, ready for quick move-in on a homesite boasting front yard landscaping and driveway/walkway pavers. Included features: an inviting covered, paver entry; a well-appointed kitchen offering 42'' eclipse shaker cabinets with satin nickel hardware, quartz countertops, stainless-steel appliance suite, a center island with pendant lights, and a spacious walk-in pantry; an expansive great room with adjacent dining room; a lavish primary suite showcasing a generous walk-in closet and a private deluxe owner's bath with separate soaking tub and 4x16 tile shower, and dual sinks with cultured marble countertops; a convenient laundry; a guest bedroom featuring en-suite bathroom with step in shower. You'll also find a spacious covered patio, and a 2-car garage with 8' door and belt drive opener, coach lights, as well as a garage service door. Find other desirable finishes, like 9x35 tile in the main living areas (carpet in bedrooms only), a convenient soft water loop in the garage, gas tankless hot water heater, R/O pre-plumb, and a gas stub at the patio. This home also offers ceiling fan prewire in all bedrooms, great room, and patio, plus much more.

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48830 N Curro Road Gold Canyon, AZ 85118

$544,995

4 Beds

3 Baths

2,110 SqFt

Status Active

MLS # 6719325

Property Type Single Family Residence

Price Type --

Beautiful 2-Story Zinc Plan with RV Home Option Discover the spacious Zinc plan, featuring 4 bedrooms and 3 bathrooms. The master suite and laundry are conveniently located downstairs, with a loft upstairs offering beautiful views. Enjoy the flexibility of the RV home option. This community also boasts stunning mountain views. Perfect for modern living!

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11937 W Parkway Lane Avondale, AZ 85323

$544,995

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6760074

Property Type Single Family Residence

Price Type --

Explore this eye-catching Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry; 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 large great room boasting center-meet doors leading onto a tranquil covered patio; an elegant primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops; a convenient laundry; a mudroom and a 3-car tandem garage. This home also offers additional windows and ceiling fan prewiring in select rooms as well as airy 10' ceilings throughout.

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2656 E Abe Truckle Avenue San Tan Valley, AZ 85140

$544,990

3 Beds

2.5 Baths

2,171 SqFt

Status Active

MLS # 6741652

Property Type Single Family Residence

Price Type --

Located in San Tan Valley, this adorable single story, 2171 sqare foot, 3 bedroom , 2.5 bath 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 with the gorgeous Harmony Collection featuring a den, 8' doors, 4-panel center sliding glass door, a large kitchen adorned with quartz countertops, 42 '' upper 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. This home will come with a washer, dryer, fridge, blinds throughout, a soft water loop, as well as a garage door motor. 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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1523 W Saddle Run Apache Junction, AZ 85120

$544,990

4 Beds

2 Baths

2,137 SqFt

Status Active

MLS # 6750701

Property Type Single Family Residence

Price Type --

Up to 3% of base price or total purchase price, whichever is less, is available through preferred lender plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. The Barletta floor plan offers a refined single-story design with four bedrooms and a generous flex space, ideal for an office, TV room, or study. It comes with beautifully landscaped front yard and will be ready for move-in by October or November 2024. Enjoy proximity to community parks, grocery stores, and a variety of restaurants.

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7837 N 80th Avenue Glendale, AZ 85303

$544,990

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6737175

Property Type Single Family Residence

Price Type --

Brand new single level 5-bedroom home conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the 101 Hwy! This Orinoco plan is designed with our curated Loft inspired Looks interior selections including white 42' cabinets, quartz countertops, chrome cabinet hardware, upgraded wood look 6X24 gray tile in the living areas and carpet in bedrooms. Ready for an easy move in with a GE French door refrigerator, front load washer/dryer, and window blinds! ^^^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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19339 W Valle Vista Way Litchfield Park, AZ 85340

Open House

$544,990

4 Beds

3.5 Baths

2,757 SqFt

Status Active

MLS # 6728162

Property Type Single Family Residence

Price Type --

Welcome home! This large family home boasts 4 bedrooms 3.5 bathrooms. Two bedrooms upstairs have an ensuite bathroom. Fully enclosed study downstairs. 3 car tandem garage. Located steps from the community park, a great setting for morning coffee on the covered front porch. A formal foyer and gallery hall leads to the stunning great room, ideal for holiday parties and family game nights. The open concept kitchen is a home chefs dream and the breakfast room is designed for optimal light and exterior views to the backyard. Speaking of the backyard, enjoy stunning views of the White Tank Mountains from the covered back patio. Located within IronWing, homeowners enjoy walking trails, a community park and a BBQ gathering area

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13124 W El Cortez Place Peoria, AZ 85383

$544,989

3 Beds

2 Baths

2,048 SqFt

Status Active

MLS # 6723298

Property Type Single Family Residence

Price Type --

Buyer able to take advantage of credits from both Seller and Preferred Lender at closing. Seller Credit to be 2% of sales price (estimated value $10,500) on a full-price offer, and may be lowered on a below-list price offer. Preferred Lender Credit to be up to 1% of loan amount (estimated value $3,500 - $5,000) and is not contingent on offer price. All Credit totaling an estimated of $14,000 to $15,5000 can be combined and used for any Buyer fee including 2/1 Buy-down, or Purchase Price Reduction. May NOT be used to pay any portion of the Down Payment. Reach out to Preferred Lender, The Goldberg Group at Barrett Financial Group to get pre-qualification more details about Lender Credits. Matt Goldberg (NMLS 1342195) Josh Goldberg (NMLS 216038).

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