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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1724 W Thomas Road Phoenix, AZ 85015

$630,999

4 Beds

3 Baths

2,593 SqFt

Status Active

MLS # 6720472

Property Type Single Family Residence

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Motivated sellers! This stunning residence offers an amazing blend of modern upgrades and timeless charm, complete with a newly installed A/C system. The home features a modern open kitchen that flows seamlessly into a spacious family room with a cozy fireplace. The casita offers a comfortable and independent living space for guests or potential rental income. Located across the street from the picturesque Encanto Golf Course and with no HOA, this home offers both convenience and charm. Come and experience the ideal split floor plan and modern comforts of this exceptional property today!

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$630,990

4 Beds

2.5 Baths

2,568 SqFt

Status Active

MLS # 6757137

Property Type Single Family Residence

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Brand new phase!. Our beautiful Juniper plan is conveniently located to all that Queen Creek has to offer. Minutes from the brand new Costco, Schnepf Farms, Queen Creek Market Place and the Queen Creek Olive Mill.

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$630,674

4 Beds

3 Baths

2,318 SqFt

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Property Type Single Family Residence

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Relax in the owner's suite with private bath and walk-in closet or gather with family in the combined Great Room, dining area, kitchen with walk-in pantry and breakfast bar and covered patio. Bedrooms 2 and 3 both have walk-in closets and share a full bath, while bedroom 4 has its own full bath. A flex room offers even more space — working wonderfully as a sitting room, crafting area or movie night retreat. The community offers a unique mountainside location with close proximity to great shopping, dining and entertainment options. Enjoy top-rated Peoria schools and great access to Loop 303 freeway with easy connections to I-17 and 1-10, taking you anywhere you want to go, including new and established area employment centers.

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921 N 297 Drive Buckeye, AZ 85396

$630,000

4 Beds

2 Baths

1,896 SqFt

Status Active

MLS # 6748283

Property Type Single Family Residence

Price Type --

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$630,000

4 Beds

3 Baths

3,152 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Picture-perfect sunsets from your new home! This large 4 bed/3 bath plus loft is located in a quiet neighborhood w/picturesque views. Lovely curb appeal w/striking stone accents & an inviting front porch. Discover spacious living areas excellent for hosting & entertaining guests. Upgrades include new interior paint, a gas fireplace, new lighting throughout, & a new water heater. The gourmet kitchen is equipped with an electric cooktop, a wall oven, granite counters, rich wood cabinetry, & an island w/a breakfast bar. Grand main suite upstairs has a full ensuite, a walk-in closet, & a private balcony w/mountain views. Don't miss the spacious 3-car garage! The vast backyard provides a covered patio & a firepit. You can access hiking trails right down the street. Showings to begin 8/15

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3028 E Friess Drive Phoenix, AZ 85032

$630,000

3 Beds

2.5 Baths

2,032 SqFt

Status Active

MLS # 6755440

Property Type Single Family Residence

Price Type --

NO HOA- GREAT LOCATION. This home is located in a highly desirable neighborhood that offers numerous amenities for its residents. 3 bedrooms 2 &1/2 baths and a loft that opens to a balcony with views of a spacious yard and pebble tec pool. The North/South exposure provides ample natural light, and the home boasts a large family room with a fireplace, separate living and dining areas, and a kitchen with big windows and NEW appliances! The balcony has recently been updated with a new coating. The backyard is perfect for play, with a grass area, covered patio, and a beautiful pebble tec pool. Conveniently located near the 51 and 101 freeways, this home has NO HOA and is a short walk from the highly acclaimed Great Hearts Public Charter School K-12, providing quality education option

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831 E Wagoner Road Phoenix, AZ 85022

$630,000

4 Beds

2.5 Baths

2,226 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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1304 E Macaw Drive Gilbert, AZ 85297

$630,000

6 Beds

3.5 Baths

2,732 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

Welcome to this amazing 6 bedroom 3.5 bath home in Gilbert with some of the best school districts within walking distance! This home is perfect for a growing family and even has a full bedroom and bathroom on the first floor. This home is upgraded with an EV car charger, commercial misting system, Soft water system and is plumbed for a gas BBQ and hot tub! Come see this amazing view lot that overlooks the greenbelt and sport court area of the community before it is too late!

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$630,000

3 Beds

2 Baths

1,532 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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15743 W Sierra Street Surprise, AZ 85379

$630,000

5 Beds

3.5 Baths

4,035 SqFt

Status Active

MLS # 6701423

Property Type Single Family Residence

Price Type --

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1731 W Cathedral Rock Drive Phoenix, AZ 85045

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$630,000

4 Beds

2 Baths

2,050 SqFt

Status Active

MLS # 6759416

Property Type Single Family Residence

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$630,000

4 Beds

3 Baths

2,432 SqFt

Status Active

MLS # 6748634

Property Type Single Family Residence

Price Type --

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