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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27025 N 167th Drive Surprise, AZ 85387

$533,562

5 Beds

4 Baths

2,868 SqFt

Status Active

MLS # 6753254

Property Type Single Family Residence

Price Type --

On the hunt for a new home? Here's a wonderful home in the heart of Sunrise/Surprise that just released to the MLS. Very spacious high performance Monument plan. This home has the deluxe gourmet kitchen, and sits on an oversized pool sized lot. This popular floor plan includes Home Automation, Geofencing, whole house air purification system. All rooms are very spacious!

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9745 E Kinetic Drive Mesa, AZ 85212

$533,000

4 Beds

3 Baths

2,233 SqFt

Status Active Under Contract

MLS # 6736994

Property Type Single Family Residence

Price Type --

Welcome to your dream home—a stunning blend of comfort and style designed for modern living! This spacious gem features four bedrooms and a versatile loft, offering ample space for every family member. The first floor welcomes you with elegant ceramic tile flooring and a grand kitchen that is the heart of the home. Imagine preparing meals on a sleek granite countertop while your loved ones gather around the enormous island or the generous buffet counter. The kitchen's abundance of cabinets ensures you'll never run out of storage. The downstairs also includes a cozy bedroom and a full bath with nickel finishes, perfect for guests or multigenerational living. You'll appreciate the convenience of storage under the stairs, complete with an outlet for added versatility. Upstairs, the split master bedroom offers a private retreat with dual sink with nickel finishes, an abundance of storage, while two additional bedrooms and the loft provide extra space for relaxation or play. Dual sliding patio glass doors bring in natural light and lead to outdoor enjoyment. Outside, a vibrant community pool and recreation center promise endless fun and relaxation for you and your family. This home is more than just a place to liveit's a lifestyle waiting to be embraced!

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5541 W Summerside Road Laveen, AZ 85339

$532,990

4 Beds

3 Baths

2,219 SqFt

Status Active

MLS # 6761891

Property Type Single Family Residence

Price Type --

''Step into our beautifully crafted 2,219 sq ft sunflower plan that is a sanctuary that effortlessly combines modern elegance with timeless farmhouse charm. This stunning residence features 4 spacious bedrooms, 3 full baths, and a cozy guest retreat space, making it the perfect haven for family living and entertaining. As you arrive, you're greeted by a delightful farmhouse exterior complete with a charming front porch, where you can sip your morning coffee and enjoy the serene surroundings. The picturesque paver driveway leads you to an impressive 8-foot front door that opens into a world of style and comfort. Inside, you'll be captivated by the soaring 9-foot ceilings that create an airy and inviting ambiance throughout the home. Gorgeous wood-like plank tile flows seamlessly through the main living areas, providing a warm and welcoming atmosphere, while plush carpeting in the bedrooms offers a cozy retreat at the end of the day. The heart of this home is the expansive living space, highlighted by a stunning 4-panel sliding glass door that invites the beauty of the outdoors in, bathing the space in natural light. Whether you're hosting family gatherings or enjoying quiet evenings, this area is perfect for making cherished memories. Prepare to be inspired in your chef's kitchen, where elegance meets functionality. The sleek 42-inch gray shaker-style cabinets, adorned with matte black hardware, perfectly complement the chic beige brick-like backsplash. The standout feature? Striking slate gray contemporary quartz countertops that offer both beauty and durability. Equipped with top-of-the-line stainless steel appliancesincluding a fridge, gas range, dishwasher, and microwavethis kitchen is ready for your culinary adventures. The thoughtful design extends beyond aesthetics. Enjoy the convenience of a washer and dryer, a garage door opener for effortless access, and a soft water loop for enhanced comfort. Plus, with a 30-inch structured wiring panel designed for your modem and router, staying connected has never been easier. Imagine evenings spent in your serene guest retreat, or cozy family nights in your inviting living area. The Sunflower Plan is more than just a home; it's a lifestyle, a place where you can truly unwind and connect with loved ones. Don't miss this incredible opportunity to own a piece of paradise. The Sunflower Plan awaitswhere modern elegance meets rustic charm in perfect harmony. Start envisioning the life you've always dreamed of!

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2377 S 245th Drive Buckeye, AZ 85326

$532,500

4 Beds

3.5 Baths

2,746 SqFt

Status Active

MLS # 6731383

Property Type Single Family Residence

Price Type --

Check out this incredible two-story property! A 2-car garage, RV gate, and low-care landscaping greet you. Inviting interior showcases a neutral palette, tons of natural light, and tile & soft carpet in all the right places. You'll love the ample living room with a high ceiling and the formal dining! The kitchen has SS appliances, granite counters, a pantry, white cabinetry, and an island w/breakfast bar. The main bedroom is downstairs and boasts an ensuite with dual sinks & a walk-in closet. Head upstairs to find a bright loft! Don't miss the spacious den and powder room. Finally, the backyard features a natural turf area and a covered patio. This gem won't last!

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6940 E Cochise Road Unit 1007 Paradise Valley, AZ 85253

$532,500

2 Beds

2 Baths

1,618 SqFt

Status Active

MLS # 6732820

Property Type Townhouse

Price Type --

LOCATION- Luxury Townhome in the Heart of Scottsdale- Walking distance to Shopping and Restaurants-- 2 Master Suites with Walk-in Closets, Split Floor-Plan for Privacy and a LARGE 2-Car Garage with Built-in Cabinets and New Smart Garage Door-- Nice Open Kitchen with a Walk-in Pantry has Granite Counters and Tile Backsplash, Stainless Appls and gas, New Fridge in (2022) and a Large Dining Area open to a Lovely Bright Great Room-- IMPROVEMENTS INCLUDE -NEW AC on Main Floor in (2023) with Warranty--Master Bath-New Bathtub, Shower and Toilet in (2023) 1st Floor Bedroom Remodel in (2021)- Kinetico Water Softener (2023) with 10-Yr Warranty on Parts--- $3,000 Paint or Flooring Allowance at Closing. Beautiful GATED Community with a Heated Community Pool

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21272 E Superstition Drive Queen Creek, AZ 85142

$532,310

4 Beds

2.5 Baths

2,325 SqFt

Status Active

MLS # 6753920

Property Type Single Family Residence

Price Type --

Welcome to this stunning home in Jorde Farms, brimming with upgrades! Enjoy front yard landscaping and a gourmet kitchen with Arctic White cabinets, quartz countertops, and stainless Whirlpool appliances, including a gas range. The open-concept layout features a great room, dining area, 4 bedrooms, 2.5 baths, and a loft. Additional highlights include upgraded paint, baseboards, doors, flooring, and fixtures. The home is pre-plumbed for a soft water loop and has a charming porch with tumbled pavers. This beautiful community, is also close to fantastic restaurants and shopping.

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16219 W Manzanita Drive Surprise, AZ 85374

$532,000

2 Beds

2 Baths

1,834 SqFt

Status Active

MLS # 6727497

Property Type Single Family Residence

Price Type --

THIS WELL CARED FOR ONE OWNER POPULAR PALO VERDE MODEL + CASITA PROPERTY IS LOCATED IN A QUIET NEIGHBORHOOD. 2 BR, 2 BATH. & A DEN. THE CASITA BOASTS A FULL BATH, CLOSET & ROOM FOR A KING BED! LARGE LOT , ORANGE TREE, MATURE LANDSCAPING, & ROOM FOR A POOL. COULD BE A GREAT RENTAL OPPORTUNITY OR COULD BE YOUR FOREVER HOME! THIS MOVE IN READY PROPERTY HAS PLANTATION SHUTTERS THROUGHOUT, A NEW ROOF IN 2021W/ TRANSFERABLE WARRANTY, & RAIN GUTTERS, NEWER HVAC , NEWER 40 GAL WATER HEATER, SECURITY DOORS ON ALL ENTRANCES, REVERSE OSMOSIS, PVC IRRIGATION. THE COMBINED SQ. FT INCLUDING HOME & CASITA IS 2081. THE COST PER SQ FT IS 255.64. THIS IS A GREAT BUY! SOME FURNITURE IS AVAILABLE AT NO COST TO THE BUYER AT CLOSE OF ESCROW. DON'T MISS OUT ON THIS ONE OF A KIND BEAUTY!

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10826 W Nosean Road Peoria, AZ 85383

$531,999

3 Beds

2 Baths

2,008 SqFt

Status Active

MLS # 6734075

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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5014 W Hunter Trail San Tan Valley, AZ 85144

$531,490

5 Beds

3 Baths

2,530 SqFt

Status Active

MLS # 6752229

Property Type Single Family Residence

Price Type --

NEW HOME! The perfect blend of functionality comes to life. This stunning home boasts 5 bedrooms, 3 baths, bonus space and walk-in closets, ensuring that there's room for everyone. The island takes center stage, serving as a workspace or a social hub where family and friends can gather. Whether you're preparing a gourmet meal or enjoying a family breakfast, the kitchen is designed to be a culinary haven. Umber dark cabinets and granite counter tops with a generous amount of wood look tile! Stepping outside, the 3-panel sliding glass door offers an additional living space that seamlessly extends the indoor experience. 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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10966 W Fillmore Street Avondale, AZ 85323

$531,400

3 Beds

2 Baths

2,158 SqFt

Status Active

MLS # 6730979

Property Type Single Family Residence

Price Type --

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231 S Hardin Street Prescott, AZ 86303

$531,000

3 Beds

2 Baths

1,296 SqFt

Status Active

MLS # 6757388

Property Type Single Family Residence

Price Type --

Close to Downtown Prescott and Thumb Butte. Ranch style home on .36 Acres with Mtn Views from deck. Private deck to take in all the beauty Prescott has to offer. 3 Bedrooms, 2 Baths, Laundry Closet, Kitchen/Dining, Storage Room/Office. Kitchen has SS Appliances, Granite Counters with plenty of storage. New HVAC 7/24, Water Heater 2023. Currently being used as VRBO. Furnishings can be purchased separately out of escrow.

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3741 N Cottonwood Drive Florence, AZ 85132

$531,000

2 Beds

2.5 Baths

2,561 SqFt

Status Active

MLS # 6737422

Property Type Single Family Residence

Price Type --

WELCOME TO YOUR DESERT OASIS! This stunning 2-bed, 2.5-bath ''Endeavor'' floorplan is situated on a N/S facing lot with easy to maintain desert landscaping, front paver patio and a fenced backyard with a peek of the mountains. Your new home has many upgrades and options which include a Chef Lux kitchen with staggered cabinets, textured granite counters, tile backsplash, stainless steel appliances, wet bar w/cooler, pendent lighting, R/O, H2O water filtration, large sliding glass doors which lead to the extended paver patio, PVC irrigation, artificial turf, SOLAR, 4 ft garage extension, storage cabinets in garage/laundry room and so much more. The spacious primary retreat has a walk-in shower, dual sinks, large closet and a door that leads to the patio. SIMPLY A MUST SEE HOME!

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