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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4329 W Nora Drive San Tan Valley, AZ 85144

$573,290

4 Beds

3 Baths

2,489 SqFt

Status Active

MLS # 6749510

Property Type Single Family Residence

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$573,279

4 Beds

2 Baths

2,567 SqFt

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MLS # 6761862

Property Type Single Family Residence

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$572,768

2 Beds

2 Baths

1,125 SqFt

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MLS # 6606900

Property Type Apartment

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7950 E Queensborough Avenue Mesa, AZ 85212

$572,110

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6676004

Property Type Single Family Residence

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MLS6676004. Ready Now! PRICE REDUCTION! The Edmonton at Hawes Crossing Discovery presents a charming single-story residence boasting 4 bedrooms, 2 baths, a 2-car garage, and two dining areas. As you step inside, the foyer effortlessly guides you towards the dining and kitchen space, providing abundant room for culinary endeavors. Revel in the spacious and welcoming ambiance of the casual dining and great room area, seamlessly connected to the outdoor living space and backyard, perfect for hosting gatherings. The generously proportioned primary suite offers a serene retreat with its private bathroom featuring double sinks and a walk-in closet. Structural options include: paver front porch, garage service door, and extended owner's suite.

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374 E Citrus Hollow Way Queen Creek, AZ 85140

$572,088

2 Beds

2.5 Baths

1,678 SqFt

Status Active

MLS # 6605086

Property Type Townhouse

Price Type --

Welcome to a brand new Valletta model. It has an expansive layout and this home is illuminated by an abundance of natural light. The kitchen stands fully equipped with modern stainless steel appliances and elegant granite countertops. With a culinary connoisseur's dream at its heart, including a gas cooktop, it's an ideal setting for hosting and delighting your guests. Both bathrooms have undergone exquisite upgrades, featuring tile surrounds and elevated fixtures. A few upgrades include quartz countertops at kitchen and bathrooms, huge sliding door at patio, gourmet kitchen appliances and a large smart space. Start living the good life at Encanterra today!

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1226 W J Waltz Way Apache Junction, AZ 85120

New

$571,390

4 Beds

2 Baths

2,363 SqFt

Status Active

MLS # 6762773

Property Type Single Family Residence

Price Type --

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15108 W Cooperstown Way Surprise, AZ 85374

$571,000

3 Beds

2 Baths

2,470 SqFt

Status Active

MLS # 6726523

Property Type Single Family Residence

Price Type --

The best deal for a 3 bedroom home over 2,000 sf in this community. Additionally there is an office. This home was extended at build to enlarge the guest bedrooms and the width of the garage and laundry room. Continue entertaining on the extended covered patio with a water feature and outdoor bar area with high-end 990 grill. Wood floors and beautiful crown molding add to the elegance. Guests enjoy privacy with the bedrooms strategically positioned away from the master suite. Spacious master suite has sitting space, large dual entry custom closet, and dual sinks in ensuite bath. Extended length of garage to accommodate a golf-cart. Start living your dream now in The Grand.

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12320 W Luxton Lane Avondale, AZ 85323

$570,102

4 Beds

3 Baths

2,272 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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16852 W Northampton Road Surprise, AZ 85374

$570,000

4 Beds

2.5 Baths

2,511 SqFt

Status Active

MLS # 6759341

Property Type Single Family Residence

Price Type --

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18001 N 46th Drive Glendale, AZ 85308

$570,000

4 Beds

2.5 Baths

2,620 SqFt

Status Active

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Property Type Single Family Residence

Price Type --

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17687 W Surrey Drive Surprise, AZ 85388

$570,000

5 Beds

3 Baths

3,483 SqFt

Status Active Under Contract

MLS # 6750480

Property Type Single Family Residence

Price Type --

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4216 N 27th Street Unit 106 Phoenix, AZ 85016

$570,000

3 Beds

2.5 Baths

1,683 SqFt

Status Active

MLS # 6756185

Property Type Townhouse

Price Type --

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