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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3102 W T Ryan Lane Phoenix, AZ 85041

$567,000

4 Beds

2.5 Baths

3,182 SqFt

Status Active

MLS # 6760028

Property Type Single Family Residence

Price Type --

Two-Story Home with Large Lot and Loft! Welcome to this stunning two-story home, perfectly situated on a large lot. This spacious 4 bedroom, 2.5 bath residence features an open-concept design ideal for modern living. The main floor boasts a large living room with abundant natural light, a gourmet kitchen with an island and walk-in pantry, and a formal dining area that opens to the backyard. The private master suite is located on the main level, offering a luxurious en-suite bath with a walk-in shower, soaking tub, double vanity, and a spacious walk-in closet. Upstairs, you'll find 3 additional large bedrooms and a versatile loft area—perfect for a second living room, media room, or home office. The expansive backyard is perfect for outdoor entertaining, & room for a pool and more...

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3025 E Rochelle Street Mesa, AZ 85213

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$567,000

4 Beds

2 Baths

1,791 SqFt

Status Active

MLS # 6751033

Property Type Single Family Residence

Price Type --

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11300 N Casa Dega Drive Unit 1069 Surprise, AZ 85388

$566,995

3 Beds

2.5 Baths

1,826 SqFt

Status Active

MLS # 6647431

Property Type Townhouse

Price Type --

This Villa is within this beautifully landscaped, all-ages gated master planned community featuring an active lifestyle with golf, clubhouse activities, pools, sport courts, professional spa, and an on-site restaurant and bars. The unit features 3 bedrooms, 2.5 bathrooms and a 2 car garage. The first floor features two bedrooms with a spacious bathroom. The second floor boasts a well-appointed kitchen, great room, and casual dining space. Secluded on the second floor is the expansive primary bedroom, complete with a walk-in closet and a resort-style bathroom suite.

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12003 W Parkway Lane Avondale, AZ 85323

New

$566,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6761530

Property Type Single Family Residence

Price Type --

The heart of this ranch-style home is an open floor plan with a family room, a breakfast nook and a large gourmet kitchen. The adjacent primary suite offers a walk-in closet and an attached bath. You'll also find two additional bedrooms and a bath, as well as a quiet study and complete with a living area, bedroom, and private bath. Includes covered patio and a 3-car-garage!

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29305 N 31st Lane Phoenix, AZ 85083

$566,990

4 Beds

2 Baths

1,797 SqFt

Status Active

MLS # 6724489

Property Type Single Family Residence

Price Type --

Below Market Financing Available!!!!!!!!!!!! This single-level home showcases a spacious open floorplan shared between the Great Room, kitchen and dining room, with access to the covered patio for outdoor lounging and entertaining. The owner's suite enjoys a private location at the back of the home, complemented by an en-suite bathroom and walk-in closet. Three additional secondary bedrooms are comfortable and private retreats for household members and overnight guests. Photos are renderings of a model home, not the actual home.

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6428 N 190th Drive Waddell, AZ 85355

Open House

$566,990

3 Beds

2 Baths

2,229 SqFt

Status Active

MLS # 6745700

Property Type Single Family Residence

Price Type --

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20701 W Minnezona Avenue Buckeye, AZ 85396

$566,900

2 Beds

2.5 Baths

1,872 SqFt

Status Active

MLS # 6750121

Property Type Single Family Residence

Price Type --

Welcome home to your 1,872 SF spacious retreat nestled on a generous 9,000 SF lot within the tree-lined streets of Victory; this home is perfect for embracing an active lifestyle tailored for those 55+. This charming home features stunning mountain views throughout that you can enjoy. Relax from the comfort of your spacious front porch, ideal to enjoy your peaceful neighborhood or socializing. Step inside to discover hardwood floors, complemented by upgraded carpet in the main living area as well as the bedrooms and loft. The heart of the home, the kitchen, boasts upgraded cabinetry and countertops, along with stainless steel appliances that make cooking a pleasure. You'll appreciate the ample storage space with the extended cabinetry. The home is bathed in natural light, creating a warm and inviting atmosphere that enhances the spacious and airy feel. The primary suite is complete with a large walk-in closet and generous sized bathroom. Down the hall you will find the additional bedroom and bathroom perfect for guests. An upstairs loft provides additional flexible space, perfect for a home office, craft room, or cozy retreat. The backyard, with its stunning mountain views, has mature landscaping that includes fruit trees and drought resistant plants. This home is thoughtfully designed to accommodate both comfort and functionality, making it the perfect choice for enjoying a vibrant and active lifestyle.

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34475 N Fortini Way Queen Creek, AZ 85144

$566,610

5 Beds

3.5 Baths

2,937 SqFt

Status Active

MLS # 6748798

Property Type Single Family Residence

Price Type --

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14155 W Alameda Road Surprise, AZ 85387

$566,433

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6734303

Property Type Single Family Residence

Price Type --

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4373 E Pony Lane Gilbert, AZ 85295

$566,380

4 Beds

2.5 Baths

2,609 SqFt

Status Active

MLS # 6755927

Property Type Single Family Residence

Price Type --

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15562 S 181st Lane Goodyear, AZ 85338

$565,995

4 Beds

2 Baths

2,612 SqFt

Status Active

MLS # 6728306

Property Type Single Family Residence

Price Type --

This beautiful home is move-in ready. A large center island in the kitchen overlooks the casual dining area. The open-concept kitchen flows effortlessly into the great room and dining room, making this floor plan ideal for entertaining. Discover what luxury living truly means and schedule a tour of this beautiful home.

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1418 W Flintlock Drive San Tan Valley, AZ 85144

$565,990

4 Beds

3 Baths

2,274 SqFt

Status Active

MLS # 6742881

Property Type Single Family Residence

Price Type --

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