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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11519 S 50th Avenue Laveen, AZ 85339

$534,995

3 Beds

2.5 Baths

2,380 SqFt

Status Active

MLS # 6730422

Property Type Single Family Residence

Price Type --

Must see in the heart of Laveen! Explore this exciting Elderberry home that has stunning mountain viewsto enjoy. Included features: a welcoming covered porch; a quiet study; a spacious great room; an open dining area, an impressive kitchen offering 42'' cabinets, quartz countertops, a center island and a walk-in pantry; a convenient laundry on first floor; an elegant primary suite showcasing an expansive walk-in closet and a private bath with double sink on first floor, a covered patio and a 2-car garage with a service door. Your dream home awaits!

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19630 W Cartwright Avenue Buckeye, AZ 85396

$534,995

3 Beds

2.5 Baths

2,500 SqFt

Status Active

MLS # 6686876

Property Type Single Family Residence

Price Type --

Explore this exceptional Cassandra home (2,500sf) 3 Bedroom + Study, 2.5 Bathroom, 2 Car Garage expected to be ready September! This home is South facing and includes front yard landscaping, pavers in the driveway walkway and entry. Included features: 10' ceilings with tray ceiling at the entry, a spacious great room with desirable multi-sliding door; an open dining area; a gourmet kitchen with stainless-steel appliances, gas cooktop, pyramid hood, oven and microwave in the wall, 42'' upper cabinets, quartz countertops, a walk-in pantry, full kitchen backsplash and a center island with pendant lights over the island; a convenient laundry that is pre-plumbed for sink; a beautiful primary suite showcasing an expansive walk-in closet and a private bath with cultured marble countertops and deluxe bathroom #2 with the oversized walk-in shower; an extended covered patio that is pre-wired for ceiling fan; pre-wired for ceiling fans in all bedrooms, study and great room. Tankless water heater, pre-plumbed for water softener, gas stub at back patio and 8' garage door. Stop by today!

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16423 W Avenida Del Sol -- Surprise, AZ 85387

$534,995

3 Beds

2.5 Baths

2,400 SqFt

Status Active

MLS # 6700766

Property Type Single Family Residence

Price Type --

Beautiful Included features - Celeste Floor Plan: covered entry; an open dining area; study with double doors; a gourmet kitchen, quartz countertops, 42'' cabinets, stainless-steel appliances, walk-in pantry, double patio doors at nook, spacious great room; master bath with shower and tub; 3-car tandem garage. 10' ceilings and pavers at drive/walkway.

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25450 N 154th Lane Surprise, AZ 85387

$534,990

5 Beds

3 Baths

2,703 SqFt

Status Active Under Contract

MLS # 6727889

Property Type Single Family Residence

Price Type --

Quick CLOSE! This beautiful amazing 4 bedroom with a study 3 bathroom single story is the perfect home, upgraded convenient electrical package, prewired for pendant light over the island, gorgeous tile flooring, Quartz Slab, stainless steel appliances, gas range and dryer gas hookup, window coverings oversized 12x8 sliding door, Smart Home and Energy Star Certified, garage door opener included just to mention a few, come see!

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2355 E Wagon Wheel Lane San Tan Valley, AZ 85140

$534,990

5 Beds

4.5 Baths

3,020 SqFt

Status Active

MLS # 6740010

Property Type Single Family Residence

Price Type --

Nestled perfectly in the sought-after city of San Tan Valley, this 3,020-square-foot, two-story home offers 5 bedrooms, 4.5 bathrooms, a huge loft, and a 3-car tandem garage. As you enter the house, you'll find a bedroom and full bath to the right. Walking into the great room, the large 4-panel sliding glass door brings in light to brighten up the dining nook and kitchen. This home is beautifully appointed with our Coastal Collection, which includes 42'' upper shaker-style white cabinets, quartz counters, and a blue-and-grey-toned backsplash. Upstairs, you will find a spacious primary suite with a large walk-in closet and double sinks, plus a linen closet for additional storage. The second story boasts a spacious laundry room right off the huge loft. Each bedroom is equipped with its own walk-in closet and shares two full bathrooms upstairs, excluding the primary bathroom. And who could forget the large backyard? This home is a stunner, complete with a washer, dryer, fridge, and blinds!

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4562 N 177th Drive Goodyear, AZ 85395

$534,990

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6702439

Property Type Single Family Residence

Price Type --

Brand new, energy-efficient home available by Jul 2024! Each of the five bedrooms in this floorplan features a spacious walk-in closet. Umber cabinets with white/grey granite countertops, wood-look tile flooring with multi-tone carpet in our Elemental 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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22892 E Lords Way Queen Creek, AZ 85142

$534,990

3 Beds

2.5 Baths

1,949 SqFt

Status Active

MLS # 6726210

Property Type Single Family Residence

Price Type --

Introducing the charming Larkspur floorplan, boasting 1949 sqft of spacious living designed for modern families. This exquisite home features 3 bedrooms, a den, and 2.5 bathrooms. The large backyard is perfect for outdoor activities, while premium interior finishes such as 8' doors and a 4-panel slider in the great room ensure the home is both stylish and functional. The chef's kitchen shines with 42'''' Fairview Stone Gray cabinets with Blackrock Metal hardware, Silver Falls Granite countertops, and a stunning 4 x 4 pattern backsplash. Additional highlights include 6'''' x 36'''' plank tile floors in main living areas, plush carpeting in the bedrooms and den, and turn-key readiness with included Stainless Steel Gas Range, Microwave, Dishwasher, refrigerator, and garage door opener. Experience luxury and comfort in the Larkspur floorplan, designed to meet all your family's needs. Don't miss the opportunity to experience the beauty of our quick move-in homes.

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10012 E Tamery Avenue Mesa, AZ 85212

$534,990

3 Beds

2 Baths

1,845 SqFt

Status Active

MLS # 6742035

Property Type Single Family Residence

Price Type --

Welcome to this charming neighborhood, EASTMARK! This 3-bedroom, 2-bath home with an office/den area plus 2-car garage is a must-see. The kitchen is a highlight, featuring sleek granite countertops, a tiled backsplash, stainless steel appliances, and spacious cabinetry. Inside, enjoy wood floors, natural light, and a neutral color scheme. The main bedroom offers a private ensuite and walk-in closet, while the other bedrooms have wood flooring, ceiling fans, and ample closet space. Relax in the fenced backyard with a patio and a serene water feature. Walking distance to local schools, community park and amenities Don't miss out on this wonderful opportunity!

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31515 N 130th Avenue Peoria, AZ 85383

Open House

$534,990

3 Beds

2 Baths

1,841 SqFt

Status Active

MLS # 6741198

Property Type Single Family Residence

Price Type --

The features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Corner lot in an all-single story community assures your privacy. Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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4502 E Bannock Street Phoenix, AZ 85044

$534,900

3 Beds

2.5 Baths

2,001 SqFt

Status Active

MLS # 6753292

Property Type Single Family Residence

Price Type --

Beautiful remodeled pool home in great Ahwatukee location. Nicely remodeled with new carpet and LVP, interior paint, new roof underlayment, new stainless steel appliances. New water heater. New tile and glass master shower. Updated plumbing and electric fixtures. New mini blinds throughout. Ceiling fans. Kitchen features lots of white cabinetry, a pantry, granite counter tops, and breakfast nook. 1/2 bath downstairs. Loft upstairs for office or play room. Lots of tile in all the right places. Mountain views and a pool! Easy freeway access for short commutes.

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4413 E Cottonwood Lane Phoenix, AZ 85048

$534,900

3 Beds

2 Baths

1,861 SqFt

Status Active Under Contract

MLS # 6745991

Property Type Single Family Residence

Price Type --

This is it, a premium corner lot with RV gate and charming curb appeal! From the moment you enter your met with an abundance of natural light and a functional open concept floor plan, this home is ideal for entertaining, with a large open kitchen with island, stainless appliances, plenty of cabinet space. The master suite includes a bay window, spa tub, walk-in closet, and double vanity. Recently installed new AC unit (2023). With a covered patio, lush lawn, mature landscaping with ample shade and privacy with paver pad! Conveniently located near I-10, 202, 101, and in the highly sought after Kyrene School District!

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17919 W Spencer Drive Surprise, AZ 85374

$534,900

2 Beds

2 Baths

2,334 SqFt

Status Active

MLS # 6722938

Property Type Single Family Residence

Price Type --

NEW PRICE! Model perfect! This gorgeous 2334sf is a rare find & offers a unique open greatrm flrplan w/formal & informal spaces, overlooks a tranquil yard, a greenspace & has mountain views! Beautiful island kitchen features rich hickory cabinets, upgr SS appls with GAS COOKTOP, W/I pantry, tile ctrs & backsplash, big breakfast bar, PLUS expanded breakfast room! Spacious & split primary bedrm provides a quiet oasis w/bkyard & mtn views & priv patio exit! Primary bath has huge W/I closet, step-in shower, two linen/storage closets! Private Guest bedrm is at front of home. Open den has hickory B/I desk & cabinets. Neutral carpet & tile. Peaceful backyard has B/I BBQ, ext'd covered patio, art turf, mature plants & trees. GARAGE EXT'D 2 FT! PLUS LEASED TESLA SOLAR HAS FLAT FEE ONLY $85/MONT

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