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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287 E Citrus Hollow Way Queen Creek, AZ 85140

$593,818

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6597679

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$593,440

3 Beds

2.5 Baths

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$592,000

3 Beds

2 Baths

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Property Type Single Family Residence

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$591,900

3 Beds

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2,485 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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16447 W Avenida Del Sol -- Surprise, AZ 85387

$591,894

3 Beds

2.5 Baths

2,390 SqFt

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Property Type Single Family Residence

Price Type --

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$591,000

3 Beds

2 Baths

1,665 SqFt

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Property Type Single Family Residence

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$590,990

5 Beds

3 Baths

2,233 SqFt

Status Active

MLS # 6753314

Property Type Single Family Residence

Price Type --

A collection of brand-new single-family homes located in the master-planned community in Mesa, AZ. The community feeds into the highly rated Gilbert Public School District, making this an ideal place for growing households. There are many onsite amenities at the masterplan everyone will enjoy, including a swimming pool, basketball court, pickleball court, playground and picnic area. Commuters have easy access to Loop 202 and Phoenix-Mesa Gateway Airport for travel accommodations. This beautiful home features our platinum package including Sonoma Maple Linen cabinets and quartz countertops. Super luxury 8 x 36 plank tile flooring.

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$590,005

5 Beds

4 Baths

2,762 SqFt

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MLS # 6748793

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Price Type --

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17934 W Porter Lane Goodyear, AZ 85338

$590,000

4 Beds

3 Baths

2,328 SqFt

Status Active

MLS # 6742016

Property Type Single Family Residence

Price Type --

Welcome to your tranquil cul-de-sac sanctuary, where every detail is designed for your utmost comfort & enjoyment. Step into the oversized backyard, a verdant oasis complete w/ a sparkling pool, lush landscaping, & vibrant fruit trees. Picture yourself lounging in the pool or entertaining guests under the Arizona sky w/ the inviting above-ground spa & built-in BBQ. Inside, the heart of the home awaits w/ a kitchen that has undergone a dramatic transformation. Refaced cabinets, exquisite granite countertops, a stylish backsplash, and a stunning granite waterfall island set the stage for culinary excellence, while upgraded appliances ensure a top-notch cooking experience. The kitchen seamlessly flows into the family rm, where a cozy fireplace awaits for gatherings w/ loved ones. This home has seen a wave of enhancements, from wood porcelain tile flooring throughout the downstairs to a new water softener and fresh exterior paint. A new roof and the addition of a saltwater hot tub further elevate the property's allure. Upstairs, the primary bedroom retreat offers breathtaking views of the Estrella Mountains from your private deck. The primary bathroom is a haven of luxury with a freestanding bathtub and spacious walk-in shower, ensuring both relaxation and practicality. Routine maintenance on HVAC systems and landscaping has been diligently performed, ensuring your home remains a haven of comfort and beauty. And with access to the incredible amenities of Estrella Mountain Ranch, including lakes, parks, trails, and golf courses, a lifestyle of leisure and adventure awaits you and your family. Don't miss the opportunity to make this dream home yours today!

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$590,000

4 Beds

2 Baths

2,112 SqFt

Status Active

MLS # 6750633

Property Type Single Family Residence

Price Type --

Prime location just 4.1 miles from TSMC. This open floor plan features 4-bedrooms, 2-bathrooms in it's 2,112 sq ft of spacious living. It has 10ft ceilings and an abundance of natural light throughout. The kitchen has upgraded cabinets, granite countertops, a pantry, kitchen island with custom stone accents, breakfast nook, and a formal dining area. Enjoy cooking on the gas range or double ovens. The living room centers around a custom electric fireplace. Just outside, the covered patio leads to a beautifully landscaped backyard with grass, shrubs, and a private pool that is approximately 9x9, with remote operated heat and jets. Enjoy the putting green and ample privacy in the fully fenced backyard. The 4th bedroom offers versatility with the option of using it as a bedroom or den.

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$590,000

5 Beds

3 Baths

2,294 SqFt

Status Active

MLS # 6755101

Property Type Single Family Residence

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$590,000

4 Beds

2 Baths

1,998 SqFt

Status Active

MLS # 6713458

Property Type Single Family Residence

Price Type --

Welcome to your new home in the sought-after Islands community! This stunning property offers the perfect blend of modern luxury and serene lake living. Nestled in a well-known lake community, this remodeled 4-bedroom, 2-bathroom home boasts a split floorplan, offering privacy and convenience with 2 bedrooms and a bathroom on each level, complete with a walk-out patio. Step inside to discover the epitome of elegance with new kitchen, bathrooms, flooring, and quartz countertops. The heart of the home is the stylish kitchen featuring a central island and built-in coffee bar, ideal for both casual meals and entertaining guests. Enjoy the tranquil, lush greenbelt from your two walk-out patios, one on each floor. With a view of the community pool just across the way, and easy access to the lake for fishing or kayaking, outdoor recreation is right at your doorstep. Plus, take advantage of the nearby walking and biking paths for an active lifestyle. Located in the highly-rated Gilbert school district and close to major companies including Intel, Go Daddy, and Banner, this home offers both exceptional education opportunities and convenient access to employment hubs. Don't miss your chance to experience the best of lake living in this meticulously renovated home in the Islands community. ***Furniture to convey with sale at no additional fee for buyer****

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