What’s Ahead For Mortgage Rates This Week – September 12, 2016

Few economic reports were released last week due to the Labor Day Holiday. The Federal Reserve released its Beige Book Report, which documents anecdotes shared with the Fed by its regional business contacts. A job openings report, weekly jobless claims and Freddie Mac’s survey of mortgage rates was also released.

Fed’s Beige Book: Approaching Election Dampens Business Growth

According to the Federal Reserve’s survey of business contacts within its 12 districts, November’s election is causing business owners to take a “wait and see” position regarding expansion plans. Commercial real estate contacts in several Fed districts cited modest projections for sales and construction for the second half of 2016. The Bank of Canada supported Fed contacts’ view of modest growth; it characterized U.S. business growth as “less certain.”

Analysts review the Beige Book report for indications of how the Fed may adjust its monetary policy including whether or not to raise the target federal funds rate. The Beige Book report did not reveal any compelling evidence for the Fed to raise rates before year-end, but Fed Chair Janet Yellen said in a recent statement that economic conditions were strengthening and favored a rate hike before year-end.

November’s election will likely delay any rate hike until December. Fed policymakers have repeatedly said that a combination of economic trends, current readings and news reports contribute to decisions relating to interest rates and other monetary policy issues.

Job Openings Rise, New Jobless Claims Drop

July job openings rose from June’s reading of 5.60 million openings to 5.90 million openings to hit an all-time high.  New jobless claims fell from 263,000 new claims to 259,000 new claims. The Labor Department also reported that hires increased from 5.17 million to 5.23 million in June. These readings are further indications of strengthening job markets and general economic growth.

Mortgage Rates Lower

Freddie Mac reported lower average mortgage rates last week; the average rate for a 30-year mortgage was two basis points lower at 3.44 percent; the average rate for a 15-year fixed rate mortgage was one basis point lower at 2.76 percent. The average rate for a 5/1 adjustable rate mortgage was two basis points lower at 2.81 percent. Discount points averaged 0.60, 0.50 and 0.40 percent respectively.

What’s Ahead

Next week’s scheduled economic reports include readings on retail sales, national inflation and consumer sentiment.

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12126 W Luxton Lane Avondale, AZ 85323

$472,990

3 Beds

3 Baths

2,113 SqFt

Status Active

MLS # 6625862

Property Type Single Family Residence

Price Type --

Ask about builder incentives! The single-story Sterling plan at Alamar offers 3 bedrooms plus a study, 3 baths, a 2-car garage, and outdoor living. This well-designed home features a great room layout with a stunning kitchen featuring Quartz countertops, 42'' cabinets with underlighting, stainless steel gas appliances, recessed canned lighting, a walk-in pantry, and a spacious kitchen island with a breakfast bar. The cozy primary suite is generous in size featuring an ensuite bathroom with a dual sink vanity, separate shower and tub, and a huge walk-in closet! Discover Alamar, an exquisite master-planned community designed to cater to your active lifestyle. With sports courts, neighborhood parks, a resort-style pool, and a sprawling 9.5-mile trail system, outdoor adventures awaiting. Additionally, you'll be delighted to find a 40-acre regional park with a serene catch-and-release lake nearby, along with plans for a future K-8 elementary school. Structural options added include bedroom 4 in place of tandem garage, study in place of bedroom 3, multi slide glass door at gathering room, garden tub, and separate shower at owner's bath, garage service door, and soft water loop. The backyard and interior of the home have been virtually rendered.

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2311 W Claremont Street Phoenix, AZ 85015

$472,900

5 Beds

4 Baths

2,081 SqFt

Status Active

MLS # 6621326

Property Type Single Family Residence

Price Type --

Beautifully remodeled home! Very spacious home with updated features. Has new tile, new windows, new ceiling fans, updated kitchen with granite counter tops, updated bathrooms, new paint in and out of property. Great for big families or first time home buyers that want a lot of house for their buck. Come have your buyers check it out! ***Seller is willing to help buyers with 3% seller concessions as well as pay for home warranty!!***

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25177 W Bowker Street Buckeye, AZ 85326

$472,750

4 Beds

3 Baths

2,511 SqFt

Status Active

MLS # 6674472

Property Type Single Family Residence

Price Type --

BEAUTIFUL home ready in May! This home has ALL the space you need!! Need a 4th bedroom with own full bath downstairs?! Flex room downstairs and half bath for guests too!! Upstairs loft is huge! Great closet space, comfort height toilets throughout, and square bathroom sinks. This home has electrical upgrades that include flat screen prewires and upgraded lighting, soft water loop, 8' interior doors, and it's a Smart Home! Gorgeous interior with lots 18''x18'' tile. white cabinets with polished nickel hardware, herringbone design backsplash and beautiful granite countertops! Wait until you see the oversized kitchen island with breakfast bar and single bowl sink. Three car garage, Smart door opener and keyless entry. This home is EVERYTHING!!!

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7934 W Sands Road Glendale, AZ 85303

$472,728

4 Beds

2 Baths

1,682 SqFt

Status Active

MLS # 6685213

Property Type Single Family Residence

Price Type --

Beautiful single-story home conveniently located in desirable Glendale minutes to shops, restaurants and entertainment! This home offers our FARMHOUSE LOOK interior selections with White Shaker 42' cabinets, quartz countertops, Black Matte cabinet hardware, beautiful upgraded faux wood 6x24 Resemblance flooring and lush carpet in bedrooms. This home features all GE appliances with a French door refrigerator, washer/dryer, and window blinds. ^^^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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5613 W Roundhouse Road Laveen, AZ 85339

$472,615

4 Beds

2 Baths

1,760 SqFt

Status Active

MLS # 6692748

Property Type Single Family Residence

Price Type --

Up to 2% of total purchase price towards closing costs incentive offer. Additional eligibility and limited time restrictions apply. MLS#6692748 ~June Completion! This exquisite one-story home showcases a flawless design, distinguished by its graceful lines. The Lily floor plan at Tierra Montana Discovery features three bedrooms and two baths, with an open layout and the owner suite thoughtfully tucked away at the rear for added privacy. The kitchen boasts upgraded 42-inch maple cabinets, quartz countertops, and a bespoke tile backsplash. Complete with GE Cafe stainless steel appliances, the eat-in kitchen seamlessly integrates a breakfast bar into the dining and gathering room.

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18770 W Shangri La Road Surprise, AZ 85388

$472,500

4 Beds

3 Baths

2,313 SqFt

Status Active

MLS # 6685362

Property Type Single Family Residence

Price Type --

Come and see this Gorgeous home in the serene Zanjero Trails community. At only 5 years old, this home still feels brand new and is in Turn-Key condition. Offering 4 bedrooms and 3 full bathrooms all wrapped up in 2,313 sqft, the open floor plan makes this home feel large and inviting. Key features include brand new interior paint, new carpet, new fixtures, pavers in backyard, professionally cleaned tile, all appliances included, owned water softener, over height garage door, RV gate, utility sink plumb in laundry room, and so much more. Ideally located with North/South exposure, this home is secluded enough to avoid big city noise, but is less than 15 minutes to shopping, dining, and highway access. It is also less then 1/4 mile to the new city pool and firefighter themed splash pads.

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6308 W Villa Linda Drive Glendale, AZ 85310

$472,500

3 Beds

2 Baths

1,436 SqFt

Status Active

MLS # 6685499

Property Type Single Family Residence

Price Type --

This is your opportunity to own this incredible home in a desirable neighborhood surrounded by beautiful mountain views. 3 bed 2 bath home with a large family room. The kitchen has dark wood cabinets and new granite countertops. All stainless steel appliances convey and the washer and dryer. Laminate flooring in all the main areas except the bedrooms. Large master bedroom with room for all your needs. The other 2 bedrooms are also spacious. The garage has epoxy flooring and storage cabinets with a workbench. Enjoy the mountain views in your backyard while you entertain your guests. Don't miss this opportunity to make it yours!

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8828 S 167th Lane Goodyear, AZ 85338

$472,500

4 Beds

2 Baths

1,943 SqFt

Status Active

MLS # 6642078

Property Type Single Family Residence

Price Type --

**SELLER IS OFFERING CONCESSIONS for the right offer. Welcome to your dream home in the heart of the Estrella Mountains! The neutral palette sets a sophisticated tone, providing the perfect canvas for your personal touch in this almost-new home. With a comfortable floor plan, abundant great room living space, and unexpected added storage spaces, every corner exudes warmth and functionality. Stepping into the backyard, you will appreciate the $17,000 investment that has transformed the space with perfectly sculpted pavers, synthetic grass and stone. The common area behind provides an added sense of privacy. Indulge in luxury resort-inspired living within this coveted community with an array of amenities, including 2 Residents' Clubs, Restaurants, Community Centers, Water Park, golf, hiking, biking and much more. Your Estrella Mountain retreat awaits!

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4022 S 178th Lane Goodyear, AZ 85338

$472,222

3 Beds

2.5 Baths

1,997 SqFt

Status Active

MLS # 6691476

Property Type Single Family Residence

Price Type --

ZERO ENERGY READY! The Cypress prioritizes comfort, style, and flexibility. The separation of the owner's suite from the other bedrooms is a thoughtful touch, providing a private retreat where homeowners can enjoy tranquility and relaxation away from the hustle and bustle of the rest of the house. The design center's choices for this home, include Slate colored cabinets, Quartz countertops & LVT (Luxury Vinyl Tile) flooring throughout that add warmth and elegance to the space. This home is a perfect blend of functionality & style, providing homeowners with a comfortable and inviting living environment that can adapt to their needs. It's a space where one can truly feel at home. ALWAYS BUILT WITH SPRAY FOAM INSULATION & TANKLESS HOT WATER HEATER! This home will be ready Aug/Sep.

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2243 W Firethorn Way Anthem, AZ 85086

$472,000

3 Beds

2 Baths

2,082 SqFt

Status Active

MLS # 6620277

Property Type Single Family Residence

Price Type --

Welcome to the lowest priced/largest square footage home in Anthem Country Club. Situated in the Guard-gated community of Anthem Golf & Country Club, you can enjoy Mountain Views from the Family Room, Kitchen, & Master Bedroom. Private Backyard with Covered Patio, Extended Saltillo Tile Area, Built-in Gas BBQ with Seating.

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2948 W Stradling Avenue Apache Junction, AZ 85120

$471,995

4 Beds

2 Baths

1,757 SqFt

Status Active

MLS # 6685192

Property Type Single Family Residence

Price Type --

Radiance at Superstition Vistas, a brand new community located on the border where Mesa meets Apache Junction. This is a rare opportunity for optimal living - to have the convenience of City living while enjoying the breathtaking Superstition mountains! Small town feel meets modern amenities at its best! Under construction now are the amazing amenities that include a resort-like pool area, 11,000 sq ft clubhouse w/fitness center, splash pad & park! walking trails and parks throughout the community as well! 1757 sq ft, 4 bed/2 bath adorable, energy efficient single level home with a HUGE YARD in which you will find 12X24 tile in all common areas, 9 foot ceilings & on trend extra bright white walls. The kitchen has gorgeous maple cabinets, granite countertops & large island

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18157 W Navajo Street Goodyear, AZ 85338

$471,990

4 Beds

2 Baths

2,370 SqFt

Status Active

MLS # 6604053

Property Type Single Family Residence

Price Type --

This single-story home features an open concept floor plan that includes 9-ft. ceilings and a large great room. You'll also find Emser® tile flooring throughout the great room, dining space and kitchen, and Shaw® carpeting in the bedrooms. The expansive kitchen offers 42-in. upper cabinets, granite countertops, a center island and Whirlpool appliances. The private primary suite at the back of the home includes an oversized closet, and the primary bath boasts a separate tub and shower, a dual-sink vanity, and a door at the water closet. This home also includes a 40-gal gas water heater.

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