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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18697 E Panchito Drive Gold Canyon, AZ 85118

$539,995

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6737879

Property Type Single Family Residence

Price Type --

Welcome to the Copper floor plan that is ready for a quick move-in! Included features: a covered entry; a spacious flex room; a well-appointed kitchen offering a center island, a generous walk-in pantry, and an adjacent dining room; an inviting great room; a thoughtfully designed primary suite showcasing a roomy walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; a cheerful covered patio; and an attached RV garage.

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18672 E Panchito Drive Gold Canyon, AZ 85118

$539,995

3 Beds

2 Baths

1,910 SqFt

Status Active

MLS # 6737920

Property Type Single Family Residence

Price Type --

The Copper Plan is ready for quick move-in! This home features an attached RV garage, perfect for adventurers. Included features: a covered entry; a spacious flex room; a well-appointed kitchen offering a center island, a generous walk-in pantry, and an adjacent dining room; an inviting great room; a thoughtfully designed primary suite showcasing a roomy walk-in closet and a private bath with double sinks; a central laundry; two secondary bedrooms with a shared bath; and a cheerful covered patio. Discover the charm of Gold Canyon.

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11417 S 50th Avenue Laveen, AZ 85339

$539,995

4 Beds

3 Baths

2,380 SqFt

Status Active

MLS # 6755226

Property Type Single Family Residence

Price Type --

The notable Elderberry plan boasts four bedrooms, including a relaxing primary suite with a spacious walk-in closet and a private bath. At the heart of the home, you'll find an impressive great room, a dining room, and a well-planned kitchen showcasing a center island and a generous walk-in pantry. An upstairs loft and covered patio offer additional versatility. A convenient laundry room is also included. This home will be built with a main-floor bedroom with a full bath

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19552 W Cartwright Avenue Buckeye, AZ 85396

$539,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6687677

Property Type Single Family Residence

Price Type --

The Cassandra has a 3 Bedroom + Study, 2.5 Bath, 2 Car Garage

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12004 W Parkway Lane Avondale, AZ 85323

$539,995

4 Beds

3 Baths

2,570 SqFt

Status Active

MLS # 6741423

Property Type Single Family Residence

Price Type --

Explore this stunning Celeste home, ready for quick move-in on a homesite boasting driveway pavers and front yard landscaping. Included features: an inviting covered entry with a tray ceiling; 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 spacious great room boasting center-meet doors leading onto a relaxing covered patio; a lavish primary suite showcasing a generous 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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11945 W Parkway Lane Avondale, AZ 85323

$539,995

4 Beds

3 Baths

2,200 SqFt

Status Active

MLS # 6742843

Property Type Single Family Residence

Price Type --

Explore this must-see Alden home, ready for quick move-in! Included features: a covered entry; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a center island and a roomy walk-in pantry; an open dining nook with center-meet patio doors; an inviting great room; a thoughtfully designed primary suite offering an oversized walk-in closet and a private bath with double sinks; three secondary bedrooms; two additional baths; a convenient laundry and a tranquil covered patio. This home also boasts impressive 10' ceilings, 9'' x 35'' stone tile flooring, cultured marble bath countertops, extra windows and ceiling fan prewiring in select rooms, front yard landscaping and concrete pavers at the walkway and driveway.

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4619 N 177th Drive Goodyear, AZ 85395

$539,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6759317

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available NOW! Each of the five bedrooms in this floorplan features a spacious walk-in closet. Slate cabinets with marble-look white quartz countertops, backsplash, wood-look tile flooring with beige carpet in our Fresh package. Stop by this gated community featuring a park, fitness stations and more. Plus, floorplans featuring 10' ceilings, and luxurious curated design packages. Join our interest list to stay up to date on community progress. We build each home with innovative, energy-efficient features that cut down on utility bills so you can afford to do more living.* Each of our homes is built with innovative, energy-efficient features designed to help you enjoy more savings, better health, real comfort and peace of mind.

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32178 N Buckarro Road San Tan Valley, AZ 85140

$539,990

3 Beds

2.5 Baths

2,507 SqFt

Status Active

MLS # 6742998

Property Type Single Family Residence

Price Type --

''Nestled in the city of San Tan Valley, this 2507 square feet Topaz offers 3 bedrooms, 2.5 baths, a den and 3 car garage! Right as you enter, a wide main hallway and large foyer with closet space invites you in. The seamless flow of the open-concept design invites you into the heart of the home, showcasing the 8' doors and 4-panel glass slider. The heart of the home, the kitchen, is adorned with the Harmony Collection including quartz countertops, beautiful white backsplash and stainless-steel appliances. The primary suite includes a well-appointed bathroom with a double vanity, linen closet, and large walk-in closet space. Two additional bedrooms with a jack-and-jill style bathroom provide comfort and convenience. The den, a versatile space serves as the perfect home office, library, or cozy retreat for relaxation. The sliding glass doors open to the backyard where outdoor living comes to life. Whether hosting barbecues, gardening, or simply enjoying a quiet evening under the stars, the backyard offers a private escape. This home will include a washer, dryer, fridge, blinds throughout and a garage motor!

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25397 N 149th Avenue Surprise, AZ 85387

$539,990

4 Beds

3 Baths

2,375 SqFt

Status Active

MLS # 6761680

Property Type Single Family Residence

Price Type --

Special Financing Available!!!!!!!!!! This single-story home features a central open design with patio access for easy living and entertaining. The luxe owner's suite is situated toward the back for privacy, while the secondary bedrooms feature toward the entrance—one of which boasts a separate flex space perfect for independent residents. A 3-car garage provides additional storage space. Photos are renderings of a model home, not the actual home.

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32196 N Buckarro Road San Tan Valley, AZ 85140

$539,990

4 Beds

3.5 Baths

2,623 SqFt

Status Active

MLS # 6751055

Property Type Single Family Residence

Price Type --

''Introducing the stunning Jade floorplan, which offers 2,623 square feet of living space. This modern desert elevation home features our Timeless Collection and includes 4 bedrooms, 3.5 baths, a formal dining area, and a spacious 3-car garage. Inside, you'll find a thoughtfully designed layout with 3 front bedrooms, 2 of which share a bathroom, a conveniently located laundry room, and elegant wood plank-style tile flooring throughout the common areas. Upgrades include 42'''' white upper kitchen cabinets, quartz countertops with a backsplash, 2'''' blinds, and essential appliances like a washer, dryer, and refrigerator. The owner's suite boasts an en-suite bathroom and a generously sized walk-in closet. Entertain effortlessly in the open-concept kitchen, dining, and great room, highlighted by a 4-panel sliding glass door that leads to a welcoming covered patio. Whales Ranch also offers parks, a beautiful lake, and walking paths with stunning views.

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7845 N 80th Avenue Glendale, AZ 85303

$539,990

4 Beds

3 Baths

2,082 SqFt

Status Active

MLS # 6720897

Property Type Single Family Residence

Price Type --

This Modern Spanish styled single story home features 4 bedrooms including a convenient attached guest suite! Imagine having a separate space for multigenerational living, a live-in nanny or guests, the possibilities are endless! This Orinoco plan offers a curated Farmhouse LOOK interior with Light Stained 42' cabinets, quartz countertops, black matte cabinet hardware, beautiful, upgraded light grey wood look 6x24 tile and cozy carpet in bedrooms. Conveniently located in desirable Glendale! Minutes to shops, restaurants, entertainment and the Loop 101! ^^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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1405 W Golden Ore Pass Apache Junction, AZ 85120

$539,990

4 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6745372

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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