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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3131 N Central Avenue Unit 6016 Phoenix, AZ 85012

Open House

$595,900

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6416509

Property Type Apartment

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*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Enjoy the views over the pool and common areas from the spacious balcony. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

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4359 N 203rd Avenue Buckeye, AZ 85396

$595,650

3 Beds

2 Baths

1,674 SqFt

Status Active

MLS # 6736229

Property Type Single Family Residence

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This Gorgeous Altena floorplan curated with Classic 'Looks' interiors selections offering a gorgeous cohesive design. Your spacious kitchen is designed with a large island, pendant lighting, quartz counters, stunning stacking cabinets and GE profile stainless steel appliances. Feel the openness of your great room and dining room with coffered ceiling and crown molding. Enjoy indoor-outdoor living with your 12 ft sliding glass door. The Primary Suite includes an Upgraded no step rain shower. Wood look tile throughout most rooms and plush carpet in bedrooms, plus window coverings included! ^^Up to $20K can be applied towards closing cost OR short/long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

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513 E Angela Drive Phoenix, AZ 85022

$595,500

3 Beds

2 Baths

2,308 SqFt

Status Active

MLS # 6747667

Property Type Single Family Residence

Price Type --

Pride of ownership is shown in this beautiful 3-bed, 2-bath home with custom-like charm! Great curb appeal highlighted by a 2-car garage & a mature landscape w/lush lawns. Fabulous interior showcases tons of natural light, a neutral palette, recessed lighting, & shiny tile floors w/wood-look in bedrooms. You'll love the spacious living room & the open-concept family room! The gourmet kitchen boasts SS appliances, granite counters & backsplash, oversized island, and a plethora of cabinetry. Cozy dining area w/bay window Double-door main bedroom has a walk-in closet and French doors that open to the ensuite w/dual sinks, jetted tub, & a tiled shower. Enjoy the entertainer's backyard offering a grassy area, covered patio w/extended pergola, & a fenced pool for year-round enjoyment! Just WOW!

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1427 W Golden Ore Pass Apache Junction, AZ 85120

$595,490

4 Beds

3 Baths

2,524 SqFt

Status Active

MLS # 6745337

Property Type Single Family Residence

Price Type --

Welcome to Blossom Rock! The east valley's newest master planned community. With views of the Superstition Mountains and a wealth of amenities currently in the making including three community parks, dozens of neighborhood parks, a community school, miles of trails, beautiful lakes, and indoor and outdoor gathering spaces all meant to serve as the backdrop of the calendar of signature events and annual celebrations currently being created.

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21411 W Meadowbrook Avenue Buckeye, AZ 85396

$595,439

3 Beds

2 Baths

1,804 SqFt

Status Active

MLS # 6757403

Property Type Single Family Residence

Price Type --

UNDER CONSTRUCTION-MOVE IN BEFORE CHRISTMAS! This charming 3-bedroom, 2-bath home in the gated community of Highlands Verrado is beautifully upgraded. With the latest interior design finishes, it feels like a model home. Highlights include quartz countertops throughout, tile to the ceiling in the bathroom showers, and a gourmet kitchen. The large, private lot offers ample space for a pool, and the neighborhood is perfectly situated at the base of the stunning White Tank Mountains. Don't miss your chance to call this exceptional location home!

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14940 N 56th Drive Glendale, AZ 85306

$595,420

3 Beds

2.5 Baths

1,812 SqFt

Status Active

MLS # 6699963

Property Type Single Family Residence

Price Type --

3 Bedroom + Den, 2.5 Bath, 2 Car Garage. KITCHEN: 42'' uppers, Flagstone Birch cabinets, White Knight granite counters, Gas GE Profile stainless steel Gourmet appliances. Walk in Shower w/ pony wall in primary bath FLOORING: 6'' x 36'' Gray Wood-look tile, upgraded carpet and pad. Much more!

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4323 S 123rd Avenue Avondale, AZ 85323

$595,027

3 Beds

2.5 Baths

2,272 SqFt

Status Active

MLS # 6755317

Property Type Single Family Residence

Price Type --

Complete and move in ready; NEW single level w/3 beds, 2.5 baths, study and flexible retreat area w/3 car side by side garage; gorgeous model kitchen with modern, white stacked cabinets to the ceiling, pull out drawers at the bottom, stainless GE appliances w/6 burner gas cooktop, pot filler & custom tile backasplash; kitchen opens to family room with views of HUGE 68' BACKYARD with no neighbors behind you & extended covered patio; large secondary rooms; owner's retreat w/huge bath showcasing dual sinks, walk in tiled super shower w/second showerhead (raincan); upgraded pad/carpet, tile and wall paint throughout; Blinds installed; water soften; extensive new home warranty & 2x6 construction.

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972 E Mulberry Place -- Chandler, AZ 85286

$595,000

3 Beds

2 Baths

1,292 SqFt

Status Active

MLS # 6638746

Property Type Single Family Residence

Price Type --

Charming 3 bedroom and 2 bath home in new Chandler community. Hamilton Landing includes 36 single level homes each with their own front porch, private driveway for 2 vehicles and a single car garage and a small, pet friendly rear yard. Each home has 10' flat ceilings, white cabinets, luxury vinyl plank flooring in every room, two tone paint, beautiful wood trim around windows and doors and granite/quartz countertops in the kitchen and baths. The community includes a dog park with a covered ramada. These homes will be ready for occupancy between March and June of 2024. All photos are of a similar home completed in a previous community.

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Show Low AZ 85901

$595,000

3 Beds

2 Baths

1,448 SqFt

Status Active

MLS # 6731512

Property Type Single Family Residence

Price Type --

Your search is over for the Perfect Getaway Cabin in the Pines! Formal Model so has beautiful finishes throughout. This beauty conveys furnished so you can immediately come relax & enjoy the White Mountains. Nestled in the Tall Pines on apx .53 of an acre on a corner lot, landscaped & fenced. WOW! Call for more details...

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28409 N 451st Avenue Wickenburg, AZ 85390

$595,000

3 Beds

2 Baths

1,680 SqFt

Status Active

MLS # 6685093

Property Type Manufactured Home

Price Type --

Amazing off the grid Santa Fe style house located on 30 acres!! This beautiful 2016 manufactured home has great living spaces with tons of natural light, neutral colors, modern appliances, walk-in pantry and spacious rooms. Private well! The solar is owned outright and has batteries and a generator. The home also has propane gas for heating and cooking. Sitting on a hill it offers unparalleled views!! Also comes with covered corrals, tack room and storage area and entire property is fenced. This home is also listed with only 10 acres, at reduced price. See the semi-private remarks for details.

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3556 E Shedd Road Eloy, AZ 85131

$595,000

3 Beds

2 Baths

1,600 SqFt

Status Active

MLS # 6634975

Property Type Manufactured Home

Price Type --

Farm property with 12.91 irrigated acres. Great for growing hay or for irrigated pastures. The 3 bedroom 2 bath ground set manufactured home offers views of the Picacho Mountains with full length covered patios front and rear. The large modern kitchen includes island and hanging pan rack, custom cabinets, extra wide refrigerator, stainless steel appliances, and walk in pantry. The great room has vaulted ceilings and pellet burning wood stove. The master suite comes with separate shower and tub, walk in closet. The tall hay barn allows for plenty of hay storage and includes RV space with its own septic. The separate 2 car garage/workshop provides plenty of work space, and two 40' Connex boxes with space in between for a vehicle provide extra storage. All served by 400 amp service.

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2221 N Springfield Street Buckeye, AZ 85396

$595,000

3 Beds

2.5 Baths

2,266 SqFt

Status Active

MLS # 6681380

Property Type Single Family Residence

Price Type --

*$5k seller credit*Elevate your living! You'll love this stylish & spacious 3-bedroom+study single level pool home located in the highly desired Verrado Community, the gem in the desert with tree-lined streets, parks, pools, & adorable town square. Home is complete with your own crystal clear pool, covered patio & low maintenance yard. Prepare to be impressed by a harmonious open floorplan offering gleaming wood-look floor, soothing palette throughout & modern recessed lighting. The remarkable kitchen boasts white cabinetry with crown molding, stylish mosaic backsplash, granite counters, stainless steel appliances, & a center island complete with a breakfast bar. End your day unwinding in the primary bedroom, with plush carpet in all the right places, a private bathroom, dual sinks a walk-in closet. Porch to patio to pool... relax or entertain with ease outside and in as you create memorable moments! Don't miss out on this one!

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