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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14167 W Alameda Road Surprise, AZ 85387

$564,811

3 Beds

2.5 Baths

2,226 SqFt

Status Active

MLS # 6746380

Property Type Single Family Residence

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MLS#6746380. December Completion. The 50RM1 floorplan at Raveena at Rancho Mercado offers a beautifully designed single-story layout with 3 bedrooms, a versatile flex room, 2.5 bathrooms, and a 3-car garage, all within 2,226 square feet. Step into the foyer and experience the open-concept design that seamlessly connects the spacious gathering room, dining area, and gourmet kitchen, complete with double ovens, a 30-inch gas cooktop, and 42-inch cabinets. The outdoor living area is perfect for al fresco dining and family gatherings. The private owner's suite features dual vanities and an expansive walk-in closet. The flexible room provides an ideal space Structural options include: extended covered patio, paver front porch and driveway, alternate AC location with gate, soft water loop, and 30 gas cooktop w single oven.

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3131 N Central Avenue Unit 3013 Phoenix, AZ 85012

$564,668

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6627253

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. 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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7931 E Quartet Avenue Mesa, AZ 85212

$564,654

4 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6714316

Property Type Single Family Residence

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MLS#6714316 Ready Now! The Edmonton at Hawes Crossing Discovery is a beautiful 1-story floor plan that comes standard with 1,832 sq. ft., 4 bedrooms, 2 bathrooms, 2-car garage, and 2 dining areas. The foyer takes you directly to the dining and kitchen area, which provides ample space for cooking all your favorite meals. Enjoy an open casual dining and great room area with direct access to the outdoor living area, which makes for great entertaining space. The spacious primary suite has a private bathroom with double sinks and a walk-in closet. Welcome home! Structural options include: 8' interior doors. Design upgrades include: tile throughout whole home, paver driveway, tankless water heater, soft water loop, window treatments on all window, 2 faux wood blinds.

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3021 N Randolph Road Phoenix, AZ 85014

$564,500

3 Beds

2 Baths

1,620 SqFt

Status Active

MLS # 6679115

Property Type Single Family Residence

Price Type --

Motivated seller. Low maintenance yard front and back. All new electrical wiring, relocated electrical panel and 2 AC units. Tankless gas water heater. Modernized with addition of a permitted split master bedroom with bathroom and large closet. LED lighting throughout. Beat the heat with your own private pool. Many hospitals in the area could be a good STR or medium term rental to serve people needing that service. Great access to Highways and to downtown Phoenix. NO HOA

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23044 E Firestone Drive Queen Creek, AZ 85142

$564,385

4 Beds

3 Baths

2,550 SqFt

Status Active

MLS # 6731964

Property Type Single Family Residence

Price Type --

Amazing homesite with no behind neighbors. Ready for move in early fall. Home has 5 bedroom/bath plus office downstairs as well as 3 bedrooms and a loft upstairs. Home has upgraded white shaker cabinets, wood-look tile flooring, granite countertops and gas ss appliances. Please ask sales associate for financing incentive opportunities on this home.

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9223 E Spiral Avenue Mesa, AZ 85212

$564,023

4 Beds

3 Baths

2,036 SqFt

Status Active

MLS # 6755693

Property Type Single Family Residence

Price Type --

BRAND NEW MOVE IN READY HOME! This HOLDEN plan includes a DELUXE gourmet kitchen, stone grey cabinets, silver pulls, quartz counter tops, upgraded tile and carpet flooring, and Apple Pod Smart Home Kit. READY SEP!

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36131 N Desert Tea Drive Queen Creek, AZ 85140

$564,000

3 Beds

3 Baths

2,186 SqFt

Status Active

MLS # 6758359

Property Type Townhouse

Price Type --

With over $140K in upgrades, this ''Lock and Leave'' home is situated in Encanterra Country Club.. The low-maintenance landscaping is fully handled, allowing you to relax outdoors by the gas firepit and enjoy the soothing sounds of the fountain. The home is light and bright w the primary suite and bedroom 2 downstairs. Custom California Closets and tons of storage space. The second floor offers a separate TV room/loft spacious office, and a third bedroom with a full bathroom. The garage is equipped with a workbench, and features a tankless water heater with a recirculation pump for instant hot water. The backyard is fully fenced and this home is steps away from both clubhouses. Book your tour today and start living the Encanterra life in 2024!

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19204 N Hunters Run Surprise, AZ 85387

$564,000

2 Beds

2 Baths

1,834 SqFt

Status Active

MLS # 6736663

Property Type Single Family Residence

Price Type --

Want to see beautiful Sunsets and Mountain Views check out this Desert Rose! Front expanded front courtyard for evening skies and relaxation nicely landscaped curb appeal! Cool deck front walkway, patios and garage. Open floor plan is perfect for entertaining with adjacent den space. Island kitchen with wonderful work space and a cozy breakfast room! Some of the features that you will love are; Gas stove, Oak cabs, RO, Soft water, Pull out shelves, Fireplace, Fans updated, Bay window in the primary, Dimmer switches and plenty of canned lighting, low voltage lighting and all back windows have been replaced! Whole house surge protector. Great entertaining backyard with expanded covered patio, privacy, and nice water feature! 2 car garage with overhead storage.

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10834 W Swayback Pass Peoria, AZ 85383

$564,000

2 Beds

2 Baths

1,982 SqFt

Status Active Under Contract

MLS # 6724462

Property Type Single Family Residence

Price Type --

Outstanding home in the highly desirable Tierra del Rio! Discover a captivating interior with trending palette, beautiful diagonal pattern tile floors, upgraded light fixtures/ceiling fans, & a formal living room. Stunning chef's kitchen features staggered wood cabinets, sparkling SS appliances w/wall ovens, granite counters, stylish tile backsplash, pantry, and a prep island w/a breakfast bar. Patio access from the family room.The main bedroom comes w/a pristine bathroom, dual sinks, walk-in closet, & a bay window. Wood look tile floors, large closets, & 2 baths. Bonus room can easy be converted into 3rd bedroom. Low maintenance backyard w/a covered patio, built-in BBQ/kitchenette, elevated patio for entertaining, relaxing, & meticulous desert landscape

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5518 S Patricio -- Mesa, AZ 85212

$564,000

3 Beds

2 Baths

1,989 SqFt

Status Active Under Contract

MLS # 6715772

Property Type Single Family Residence

Price Type --

Come view this gorgeous single level in the resort-style community of Cadence at Gateway! This beautiful corner lot has premium upgrades including a gourmet kitchen with extended granite island. Stainless gas appliances & self closing drawers. Great room concept with high ceilings. Split master bedroom has giant custom shower and upgraded tile. The backyard boasts a tiled patio, gazebo and artificial turf. Three car tandem garage for extended trucks or Suv. Fourth bedroom is a den, but closet can be added. This community has resort-style pools w/ water slides, community center & gathering space, game room, event and sport lawns, tennis, basketball, gym & fitness center. This home has been well maintained, and it's move in ready!

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1642 E Monte Vista Road Unit 11 Phoenix, AZ 85006

$564,000

3 Beds

2.5 Baths

1,493 SqFt

Status Active Under Contract

MLS # 6722277

Property Type Townhouse

Price Type --

BRAND NEW CONSTRUCTION. This ENERGY STAR® Home is Perfect for the busy professional. Lock & Leave, Maintenance Free, 11 Single-Family Attached 2-story Townhomes. Nestled between Downtown Phoenix & Arcadia, this home is in close proximity to the best restaurants, coffee shops, medical centers, and so much more! Featuring an impressive open layout with abundant natural light and showcasing designer-selected finishes including hard surface flooring, upgraded fixtures and lighting, and a great attention to the details that matter most. The primary bedroom features an immaculate ensuite with quartz dual sinks and walk-in closet. Call for Summer Incentives!

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8128 E Prairie Avenue Mesa, AZ 85212

$563,990

4 Beds

3 Baths

2,246 SqFt

Status Active

MLS # 6759012

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 7 x 22 plank tile flooring.

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