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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17810 W Encinas Lane Goodyear, AZ 85338

$542,990

4 Beds

3.5 Baths

2,873 SqFt

Status Active

MLS # 6758524

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, &/or price adjustments. The popular Prato floor plan offers 4 spacious bedrooms, 3.5 baths, a den, and an upstairs ensuite. Highlights include a tiled owner's shower, soft water loop, gas stubs, an extended rear, and an 8' garage door. Premier Calm Design finishes, ceiling fan prewires, can lighting, and a stair railing add to its appeal. Energy-efficient and ready in November.

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19826 W Lincoln Street Buckeye, AZ 85326

Open House

$542,900

4 Beds

4 Baths

2,369 SqFt

Status Active

MLS # 6746664

Property Type Single Family Residence

Price Type --

LOVE this home w/attached GUEST QUARTERS (separate entrance, kitchenette, living area, bedroom & bath) - total 4 beds, 4 FULL baths, & 3-car tandem garage w/paver driveway & NO NEIGHBORS behind! Home exudes elegance w/neutral palette, layered crown molding, modern light fixtures, tons of natural light & recessed lighting, & tile & plush carpet t/out. Open layout connects the large living area & formal dining rm seamlessly w/surround sound in living room! Gourmet kitchen boasts granite counters, staggered cabinetry, a pantry, large island w/seating, and SS appliances w/cooktop gas & TWO wall ovens. Primary ensuite with TWO vanities, separate tub/shower, TWO walk-in closets. Outback, enjoy grassy area & paver-covered patio. Professional Grade Epoxy Garage Floors. Soft Water System.

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7962 W Frier Drive Glendale, AZ 85303

$542,125

5 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6749466

Property Type Single Family Residence

Price Type --

This New single level 5-bedroom home is conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the 101 Hwy! Our Orinoco plan is expertly designed with Moden Loft inspired 'LOOKS' interior selections including White 42' cabinets, quartz countertops, brushed nickel cabinet hardware, beautiful, upgraded grey wood look 6X24 tile in the living areas and cozy carpet in bedrooms. This home includes GE appliances with a French door refrigerator, front load washer/dryer, and window blinds too making it truly Move-in Ready!!! Est. completion Winter 2024! ^^Up to 4% 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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17655 W Acapulco Lane Surprise, AZ 85388

$542,000

4 Beds

3 Baths

2,439 SqFt

Status Active

MLS # 6704477

Property Type Single Family Residence

Price Type --

Welcome Home! Nestled in the heart of the vibrant city of Surprise, this exquisite residence offers the perfect blend of modern luxury and cozy comfort. Boasting a prime location in a tranquil neighborhood, this home presents an unparalleled opportunity for you to live your dream lifestyle. Dive into luxury and relaxation with your very own private pool. Whether you're lounging poolside on a sunny day or enjoying a refreshing swim, this stunning feature adds a touch of resort-style living to your everyday life. Backyard comes with a built in BBQ Grill and plenty of shade. This charming home features a generous floor plan, providing ample space for both relaxation and entertainment. With 4 bedrooms and 3 bathrooms, plus a den there's room for the whole family to spread out and enjoy. The chef-inspired kitchen is a culinary enthusiast's delight, complete with sleek granite countertops, modern appliances, and plenty of storage space. 2 New AC units and enjoy enhanced comfort and energy efficiency with the recent installation in the attic, ensuring optimal climate control and reduced utility costs year-round. Come take a look at this well-maintained home today.

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16766 W Yucatan Drive Surprise, AZ 85388

$541,144

4 Beds

3 Baths

2,352 SqFt

Status Active

MLS # 6754869

Property Type Single Family Residence

Price Type --

MLS# 6754869 January Completion! Introducing the Hudson, a spacious single-story floor plan featuring 2,352 square feet of well-designed living space. With 4 bedrooms, 3 bathrooms, a 2-car garage, and a study, this home offers both comfort and versatility. As the largest of our single-story homes, it makes a lasting impression. Step into the inviting foyer, which leads to a hallway lined with 3 bedrooms and a study, where double doors can be added to create a peaceful home office. Continue through to the expansive open-concept kitchen, dining, and gathering room, ideal for seamless entertaining. Enjoy the beautiful Arizona weather from your own private outdoor living space. Structural options include: marble super shower at owner's bath, gas line for future outdoor kitchen, gas line for future outdoor kitchen, 8' interior doors, and paver front porch.

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14626 N Fountain Hills Boulevard Fountain Hills, AZ 85268

Open House

$541,000

3 Beds

2 Baths

1,587 SqFt

Status Active

MLS # 6752834

Property Type Single Family Residence

Price Type --

Seller may consider buyer concessions if made in an offer. Welcome to this lovely home that exudes a sense of comfort and style. The interior is graced with a neutral color paint scheme, enhancing the cozy ambiance of the fireplace. The kitchen is a chef's dream with all stainless steel appliances, an accent backsplash. The primary bedroom is a haven of relaxation, boasting a walk-in closet and a primary bathroom with double sinks. Step outside to a covered patio in a fenced-in backyard, perfect for serene outdoor living. This home has a BRAND NEW roof as of September 2024. This home truly is a beautiful haven that offers a unique blend of style and functionality.

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18014 W Vogel Avenue Goodyear, AZ 85338

$540,963

4 Beds

3 Baths

2,355 SqFt

Status Active

MLS # 6743934

Property Type Single Family Residence

Price Type --

This Mid-Century Modern Home is everything you would expect!! Open Airy Entry that leads into Huge Gourmet Kitchen that shows off a 12.5 FOOT KITCHEN ISLAND!! Great entertainers home with 12'Triple Slide Door that opens up to the back covered patio for seamless entertainment areas inside and outside!! Primary Bedroom split plan in Rear of home. 2 Bedrooms share a Jack -n- Jill Bathroom, plus BR4/BA3. Split 3 Car Garage and Paver Driveway, shows great from the street!! Only one next door neighbor, home is next to open common area! Citrus Park - Community Pool w. Splash Pads coming Summer 2025, in Phase 2. Plus parks include Pickle Ball Courts, Basketball Court and multiple kid play stations and lots of green grass to run!!

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199 E Taylor Lane Cochise, AZ 85606

$540,000

3 Beds

2.5 Baths

2,052 SqFt

Status Active

MLS # 6738745

Property Type Single Family Residence

Price Type --

Secluded 40 acres of land with beautiful 2052 sq ft 4-bdrm, 2-bath home with 331 sq ft screen enclosed porch & attached 2-car garage. There is also an 813 sq ft detached 1-car garage with its own 1/2 bath & work area. Fantastic 360-degree mountain views. This home is great for entertaining with formal living room, dining room and family room that has a propane fireplace which is open to the kitchen & breakfast nook. The east side of the home has large windows to let all that natural light come in. Primary has plenty of room & French doors to the screened in porch. Wait to you see the sunset from there. Nice primary bathroom with double sinks, soaking tub along with a stand-up shower & walk in closet. The Block wall encloses a nice sized backyard. Wire fenced-in horse coral & shelter just to the north. This property has so much to offer and it is close enough to commute to Tucson and major highways.

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19304 W Valle Vista Way Litchfield Park, AZ 85340

$540,000

4 Beds

3 Baths

2,474 SqFt

Status Active

MLS # 6753420

Property Type Single Family Residence

Price Type --

Come check out this beautiful home built in 2024!!! This home offers a spacious floor plan with 4 bedrooms, 3 bath, full size dining area and living room to meet all your family needs. The large 3-car garage provides ample storage and parking space. Easy access to backyard with an RV gate. Don't miss out on this fantastic opportunity to own a gorgeous home in a vibrant community.

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16337 W Monroe Street Goodyear, AZ 85338

$540,000

4 Beds

2.5 Baths

2,984 SqFt

Status Active

MLS # 6743032

Property Type Single Family Residence

Price Type --

Beautiful home, fantastic location at a great price! You'll see breathtaking vaulted ceilings, freshly painted walls (2024) and modern finishes. Pool views from living room. Downstairs offers formal dining room, family room and office/ den. Upstairs you'll enjoy new carpet (2024), loft, additional bedrooms and large master bedroom. Master features bay window, shower/ garden tub combo and remodeled bath (2024). Backyard is ready for entertaining with its private pool, motor and pump replaced (2024). Not to mention enough room to store all your toys with its 3 car garage. Live near Community amenities walking trails and basketball court. Baseball games at Goodyear Ballpark, waterslides at Goodyear Rec center and movies/ night out Harkin's Theatres, Bj's Restaurant and Brewery and more!

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11453 W Nadine Way Peoria, AZ 85383

$540,000

3 Beds

2 Baths

1,678 SqFt

Status Active

MLS # 6746738

Property Type Single Family Residence

Price Type --

Located in Vistancia Village, this beautiful home features an open floor plan with 3 beds and 2 baths. Amazing kitchen with a gas stove, white cabinetry, a convenient pantry, and a huge island. Enjoy informal and formal dining areas. Experience the seamless flow of the open living concept, where the living room showcases 12-ft sliding glass doors, seamlessly connecting indoor and outdoor spaces. The primary bath has a dual sink vanity, an expansive shower, and a generously sized closet. Beautiful backyard, features a covered patio, low maintenance turf and pergola.

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12533 W Citrus Way Litchfield Park, AZ 85340

$540,000

4 Beds

2 Baths

1,879 SqFt

Status Active

MLS # 6759432

Property Type Single Family Residence

Price Type --

Step into this stunning, 2022-built single-story home, situated on a premium lot in a desirable gated community. Boasting a spacious and thoughtfully designed open floor plan, this home features 4 generously sized bedrooms with a split layout for added privacy. The stylish white kitchen serves as the heart of the home, offering stainless steel appliances, a large island with bar seating, ample cabinetry, and a walk-in pantry. Upgrades throughout include elegant wood-look tile flooring, plantation shutters, and modern fixtures. Enjoy your mornings on the charming front porch or relax on the covered back patio, which overlooks a professionally landscaped backyard. The three-car garage comes with epoxy flooring for a polished finish. Located in Litchfield Park, this hidden gem is just 15 min from State Farm Stadium, Tanger Outlets, Westgate Shopping Center, and numerous other amenities. Don't miss out on this exceptional home!

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