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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6536 N 79th Lane Glendale, AZ 85303

$530,000

3 Beds

2 Baths

2,148 SqFt

Status Active

MLS # 6749853

Property Type Single Family Residence

Price Type --

Fantastic opportunity! This charming 3-bed, 2-bath residence boasts a 2-car garage, an RV gate, a paver driveway, and tasteful stone accents. Discover a spacious great room with a soothing palette, plantation shutters, durable tile flooring, and sliding doors leading to the backyard for seamless indoor-outdoor living. The delightful kitchen features gleaming granite counters, abundant wood cabinetry with crown moulding, recessed lighting, a mosaic tile backsplash, stainless steel appliances, a pantry, and an island with a breakfast bar. The main bedroom offers soft carpeting, an ensuite with dual sinks, and a walk-in closet. Outside, the enchanting backyard includes a covered patio, a pergola for added shade, mist, a well-kept lawn, and practical storage sheds. Make this gem yours today! Additional items throghout the home: Water softener, reverse osmosis, smart electric water heater, smart thermostat, smart outdoor sprinkler control, commercial grade mist system, 7.1 surround sound, outdoor patio speaker system, smart wall mount garage door opener.

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11614 E Yeager Canyon Gold Canyon, AZ 85118

$530,000

4 Beds

2 Baths

1,923 SqFt

Status Active

MLS # 6751179

Property Type Single Family Residence

Price Type --

Beautiful Palo Verde model on a premium view lot that backs to the greenbelt and boasts amazing views of Superstition Mountain. This desirable split floor plan features many upgrades including large plank tile flooring, a primary suite with a tiled walk in rain shower, walk in closet, dual vanity and separate toilet room. The gorgeous chefs kitchen is sure to please with custom accents, a huge island that is perfect for entertaining, all stainless appliances incl. the refrigerator, gas range, walk in pantry, pendant lights, full height kitchen cabinets and quartz countertops. The backyard offers privacy, a large covered paver patio and a custom Zen garden all facing the mountain.

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17111 S 180th Lane Goodyear, AZ 85338

$530,000

3 Beds

2.5 Baths

2,044 SqFt

Status Active

MLS # 6752569

Property Type Single Family Residence

Price Type --

Absolutely Stunning 3 Bedroom, 2.5 Bath, Single Level Home on Premium Sized VIEW Lot, Located in Cantamia, an Amazing Adult Community, Both Guarded & Gated Community, Gourmet Kitchen w/Gas Stovetop & Dual Ovens, Custom Cabinets & Granite Countertops, Oversized Kitchen Island w/Breakfast Bar, Eat-In Kitchen Dining, Spacious Great Room w/Amazing Views of the Natural Desert Wash, Split Floor Plans, Two Master Bedrooms w/Walk-In Closets, Master Bathrooms with Dual Sinks, 3rd Bedroom could be used as Office/Den or Hobby Room, Professionally Landscaped Front & Backyard, Extended Covered Backyard Patio, Elevated Lot w/Desert Wash & Mountain Views, Therapeutic Hot Tub Will Convey, 3 Car Garage, Community Amenities Are Endless!

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19741 E Reins Road Queen Creek, AZ 85142

$530,000

3 Beds

2 Baths

2,225 SqFt

Status Active

MLS # 6740534

Property Type Single Family Residence

Price Type --

This beautiful home is located on a cul-de-sac street near the heart of downtown Queen Creek! The kitchen features maple cabinets, breakfast bar, all appliances are included (new dishwasher) stub for gas range, a pantry and breakfast nook. The family room is open to the kitchen. There is a living room with a dining area. The large master bedroom has a master bath with double sinks, separate shower and soaking tub, private toilet room & walk-in-closet. The guest bath also has double sinks. The laundry room has built-in-cabinets and a gas connection. The back yard has a must have covered patio and a grass area. The double door den could easily be turned into a 4th bedroom. This home has been upgraded with new paint, new 6'' x 36'' wood look tile throughout and the exterior was painted in 2021. This subdivision has nice mature trees, two parks with play area, ramada and basketball courts.

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6237 N 10th Way Phoenix, AZ 85014

New

$530,000

2 Beds

2 Baths

1,698 SqFt

Status Active

MLS # 6762829

Property Type Single Family Residence

Price Type --

Charming home on the corner of a cul-de-sac offers a captivating interior with a perfectly flowing open layout with clean lines that promote a sleek & modern design. Recessed lighting, a soft tan palette, wood plank tile flooring, a dry bar, and a fireplace are features worth mentioning. Multi-sliding doors connect the home inside & out, allowing easy entertaining. The fabulous kitchen showcases shaker cabinets, glass door cupboards, tile backsplash, granite counters, and SS appliances. The owner's suite hosts a private bathroom and a walk-in closet. Both bedrooms feature plantation shutters & ceiling fans. The backyard has an extended covered patio, artificial turf, and lush greenery. This wonderful community has a refreshing pool. Take a look before it's gone!

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4518 Charro Court Wickenburg, AZ 85390

$530,000

3 Beds

2 Baths

1,837 SqFt

Status Active

MLS # 6754599

Property Type Single Family Residence

Price Type --

Located just moments from the lake park and featuring fully paid-off solar, this Flourish floor plan offers 3 bedrooms, 2 baths, and a separate den in an ideal setting. The open living space flows into a covered patio and extended gazebo, perfect for entertaining in the fully fenced yard. Situated in a quiet neighborhood, the home backs to a wash, offering privacy and space from neighbors. Quality upgrades include quartz countertops, a built-in kitchen, and custom tile throughout. With a 4-foot extended garage and a peaceful cul-de-sac location, this home provides both comfort and convenience.

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14255 W White Rock Drive Sun City West, AZ 85375

$530,000

2 Beds

2 Baths

2,158 SqFt

Status Active

MLS # 6726878

Property Type Single Family Residence

Price Type --

Location/Location/Location. This Golf Course home sits on the 1st Green of Grandview Golf Course. This Cromwell model has been expanded and has everything you want! A new roof that is only 6 months old, HVAC updated in 2017. The Expansion of the Family Room and Kitchen creates a huge open space which is perfect for parties. Relax and watch the golfers or host outdoor events on the oversized covered Rear Patio. The Master Suite has a vaulted ceiling, walk-in closet and large bathroom. The Living Room/Dining Room with a vaulted ceiling provides a second complete living area. Double Doors open to your Office/Den with a complete built-in wall shelf/desk unit. There is a large guest bedroom looking onto the golf course. Together with a large indoor laundry room, this is a ''Must Have'' House.

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16561 S 179th Lane Goodyear, AZ 85338

New

$530,000

2 Beds

2.5 Baths

2,040 SqFt

Status Active

MLS # 6763806

Property Type Single Family Residence

Price Type --

Beautiful single story home is located within the highly-sought after Lake-inspired Active Adult Community of CantaMia in Estrella. This home features an excellent open floor plan, great for entertaining. Gourmet kitchen includes upgraded cabinets, quartz tops, abundant storage & counter space, stainless steel appliances with newer refrigerator & huge ''SUPER'' pantry. TWO MASTER BEDROOMS each with its own en-suite bathroom & walk-in closet. The DEN has a double door entry which allows for FLEXIBLE use. Plus an extra 1/2 bath for added functionality, 3-car tandem garage with man door, wash sink & attached cabinets. Freshly painted inside & out. Newly Updated landscaping with putting-green, pavers front & back. All appliances included. Furniture & golf cart is also available, see more Premium lot is situated right across from to lake-side walk-paths and beautifully landscaped common area. Newly updated landscape includes new pavers in the front courtyard, new pavers added at the back patio and an extra paver walkway added to hidden trash can storage area. New view fence installed and gates added to fully enclose backyard. Extended patio option included Professionally painted inside and out. Kitchen cabinets are highly upgraded with raised panel option with multiple pull-out drawers. New kitchen and dining lighting. Super pantry option included Coffered entryway ceiling. Bay window option added to master suite. Surround sound in the great room with built-in flush mount speakers. Includes ceiling fans throughout. with 2 new fans installed on the rear patio. Recessed can lighting. Water filtration system. Water softener. New refrigerator. New garbage disposal. All appliances included. Furniture and Golf cart are available for sale, on a separate bill of sale between Buyer and Seller.

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9531 E Tupelo Avenue Mesa, AZ 85212

$530,000

3 Beds

3 Baths

1,940 SqFt

Status Active

MLS # 6750996

Property Type Single Family Residence

Price Type --

Amazing opportunity for this NexGen home! Two homes for the price of one. Located in the resort-like community of Cadence and situated on a corner lot makes this a premium find! The main home is complete with 2 bedrooms that are located on separate sides of the home and 2 full bathrooms. This home also includes a guest suite that has one bedroom, a full bath, a living space, a kitchenette, it's own laundry, and 2 separate entrances. This floor-plan is unique as it can also be used as a traditional home with 3 bedrooms, 3 full baths and 2 separate living areas or the separate guest suite could be used as a mother-in-law quarters or rental space. As you walk through the home you will notice the upgraded tile flooring and custom paint throughout. The kitchen includes granite countertops that offer ample counter space and look out over the great room. The split floor-plan, coupled with vaulted ceilings create a grand space. As you walk towards the back of the home, you will find the owners suite and attached primary bathroom, complete with dual sinks, a large shower, walk- in closet, vaulted ceilings, and an separate exit to the backyard patio. This floor-plan is called the Independence, built by Lennar and rarely becomes available!!! Make this your new home!!

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3131 N Central Avenue Unit 4016 Phoenix, AZ 85012

$530,000

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6568512

Property Type Apartment

Price Type --

*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 6O new construction condominiums. Stunning city or pool views from each residence. This spacious two bedroom offers ten ft. ceilings, and an open floor plan, large owners suite with ensuite and a guest powder room. Chef's kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Spacious balcony to capture the amazing views that are breathtaking. Edison Midtown features incredible amenities for that perfect Urbanite lifestlye. A beautiful pool and lap pool, grills, 2000 sq. ft. fitness center and lounge.

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29835 N 41st Place Cave Creek, AZ 85331

$530,000

3 Beds

2.5 Baths

1,556 SqFt

Status Active Under Contract

MLS # 6735707

Property Type Single Family Residence

Price Type --

29835 N 41St Pl, Cave Creek, AZ 85331 - Beautiful top to bottom remodel in Toscana community of Tatum Ranch with private pool, wood plank tile downstairs, master suite & bathroom, all new cabinets and granite countertops, new Whirlpool stainless steel appliances, all new sinks, faucets, toilets and fresh large master tiled shower. Fresh interior paint and baseboards, carpet on stairs - upstairs hall & 2nd/3rd bedrooms, all new ceiling fans and light fixtures. Super cute play pool in low maintenance backyard. Kool decking recoated. AC just serviced and new thermostat installed.

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5809 W Victory Court Florence, AZ 85132

$530,000

4 Beds

2.5 Baths

2,569 SqFt

Status Active

MLS # 6693035

Property Type Single Family Residence

Price Type --

SELLER OFFERING CONCESSIONS TOWARDS CLOSING COSTS! Check out the beauty of this stunning Butte floor plan in Anthem. This highly upgraded home features 4 bedrooms 2.5 baths, a chef's kitchen, an temperature controlled garage, chiller spa, covered patio, and landscaped backyard with no neighbors behind you! The Chef's kitchen boosts an upgraded island with leather finish quartz countertop, slow close cabinets, pendant lighting, gas stove, tile backsplash and huge walkin pantry. The primary suite has an enormous walkin closet, dual sink vanity with drawers, and walkin shower. The other 2 bedrooms and den are split and have ample room for a queen bed with room to walk around. The backyard is an entertainer's dream with the artificial turf, gas firepit, hot springs salt spa! Upgrades & Features Location: HOA open space to the east, so no neighbor Open land to the south after cinder walking path Quiet cul-de-sac Front: Gated front Courtyard Paver driveway and walkways Telescoping Flag pole in front yard Beautifully landscaped front yard Sunscreens on windows Backyard: Hotsprings Freshwater Salt spa in backyard /Chiller Spa- Can cool to 60degrees- Top row View fencing in the backyard Electric Roller screen on back patio (Completely encloses back patio from bugs!) Ceiling fan on patio Paver sitting area with Natural Gas Firepit Natural gas BBQ grill Artificial Turf Working Fountain Beautiful Landscaping Professionally designed, installed, and maintained landscaping Inside: 20X20 staggered ceramic tile in kitchen in living room 12X24 staggered tile in the foyer 6in Baseboards Neutral paint throughout Recessed lighting Ceiling fans throughout Blinds or window coverings in all the windows Open arched entry and dining areas Beautiful custom floor tile design around the dining area Coffered ceiling in dining and foyer Berber Carpet in the Master and 1 bedroom LVP in the other bedroom & Den Chef's Kitchen: Staggered White Cabinets with hardware

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