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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2120 W Tobias Way San Tan Valley, AZ 85144

$550,000

3 Beds

2 Baths

1,733 SqFt

Status Active

MLS # 6752930

Property Type Single Family Residence

Price Type --

Meticulously maintained, this home shines with clean, fresh, and vibrant charm. It may be purchased FULLY FURNISHED to the right buyer. The spacious open floor plan and cozy den offer room to relax, while the backyard invites year-round enjoyment. Cool off in the sparkling pool during summer or unwind in the warm spa as winter sets in. With OWNED SOLAR providing energy savings all year long, this home offers both comfort and efficiency. Every detail has been thoughtfully crafted to create the perfect space, at the perfect price. Your ideal retreat awaits!

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4301 E Bluefield Avenue Phoenix, AZ 85032

$550,000

4 Beds

2 Baths

2,250 SqFt

Status Active

MLS # 6755030

Property Type Single Family Residence

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Vaulted ceilings, open floorplan, new kitchen cabinets & countertops, new flooring, new carpet, restrooms are new, and fresh paint in and out.

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3899 E Longhorn Street San Tan Valley, AZ 85140

$550,000

5 Beds

2.5 Baths

3,288 SqFt

Status Active

MLS # 6745300

Property Type Single Family Residence

Price Type --

Great move in ready home!! Large open floor plan with nice sized bedrooms, large loft and tons of storage space. The well laid out kitchen has a butler's pantry, cherry cabinets with crown molding, large/functional island, granite countertops all overlooking the large living room. Ceiling fans throughout, 20 inch tile, a 3 car tandem garage and a recently renovated back yard with maintenance free turf and a salt water pool This home has what your buyers are looking for!

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2712 S Yucca -- Mesa, AZ 85202

$550,000

3 Beds

2.5 Baths

2,204 SqFt

Status Active

MLS # 6740434

Property Type Single Family Residence

Price Type --

Amazing home located in the wonderful community of Dobson Ranch. Great curb appeal featuring lush desert landscaping, artificial grass and a mini putting green! This 3 bedroom, 2.5 bathroom home offers bright and inviting living spaces with Travertine flooring throughout, 2 bedrooms with wood flooring. Open kitchen features an island with a breakfast bar and a sizeable eat-in area. Amazing backyard boasts a covered patio, newly built/installed gazebo with seating area and privacy fencing. Not to mention the sparkling pool with flagstone surround, your very own private oasis!

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2626 E Jacinto Circle Mesa, AZ 85204

$550,000

4 Beds

2 Baths

1,893 SqFt

Status Active Under Contract

MLS # 6747318

Property Type Single Family Residence

Price Type --

This is one of the most unique homes you will find in all of Mesa in this price range. It's a mid century modern mixed with a little modern farm house design. So much attention to detail! Main living area is spacious and features tall ceilings with beautiful exposed natural wood beams. The kitchen opens to the family room, and highlights the quartz slab counters, stainless farm house sink, custom made shelving and one of the coolest looking floors you will ever see! Huge walk in pantry, laundry room with cabinets and its own counter. Master suite bath has a resort spa feel, and large walk in closet. Large lot that overlooks the greenbelt park, and tall brick fences give the added privacy. One of the best school districts - Gilbert Public Schools! Great location close to freeway access, neighborhood Walmart, Trader Joes, and much much more. All the downtown Gilbert dining is less than 5 minutes away.

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21341 W Bobwhite Way Wittmann, AZ 85361

$550,000

3 Beds

2 Baths

1,622 SqFt

Status Active

MLS # 6757776

Property Type Single Family Residence

Price Type --

This 3-bedroom, 2-bathroom horse property is perfectly situated on a 1.25 acre lot. Featuring modern amenities and updates throughout, ensuring you enjoy both style and functionality. The kitchen has new SS appliances, granite counters and a spacious island. Bathrooms have been updated with granite counters and bedrooms have new flooring. The property is fully gated with automatic gate and separation. It's the perfect canvas for your horses or other livestock. There is plenty of room for stables and arena. You'll simply love the space and tranquility of country living, this property offers the ideal blend of comfort and potential.

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7410 W Quail Avenue Glendale, AZ 85308

$550,000

4 Beds

2.5 Baths

2,269 SqFt

Status Active

MLS # 6752959

Property Type Single Family Residence

Price Type --

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4413 W Box Canyon Drive Eloy, AZ 85131

$550,000

2 Beds

2 Baths

1,705 SqFt

Status Active

MLS # 6700890

Property Type Single Family Residence

Price Type --

Partially FURNISHED & STUNNING! This 2 bedroom + DEN, 2 bath home is on highly desired VIEW lot. Garage is 30 ft. deep. The backyard will wow you w/GORGEOUS water feature, firepit, pergola, landscaping lights, Travertine patio, artificial grass & large potted Palm trees. You will love this home from the gated paver courtyard to the amazing backyard & everything in-between! Kitchen has Quartz counters, 2-tone Cabinets w/knobs, roll-out shelves, tile backsplash, SS appliances, Gas range, convection oven, pendant & under cabinet lights. So many upgrades from the wood look tile flooring, Plantation shutters, tiled showers, comfort height toilets, Valet area w/upper & lower cabinets. HUGE Garage has 8ft. door, Storage Space/exercise area, Cabinets, Shelving & Epoxy Floors.

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5365 N Eager Drive Eloy, AZ 85131

$550,000

2 Beds

2.5 Baths

1,916 SqFt

Status Active

MLS # 6726253

Property Type Single Family Residence

Price Type --

SPACIOUS, AND INVITING Mandara Model the favorite model in Robson Ranch. This home is finished beautifully. Yard is complete, including walls, spacious 2 ft. extended patio & hot tub. The primary bedroom has a 2 ft extension, and your guests will love the comfortable guest suite. Home has 2.5 baths, NO CARPET - ALL BEAUTIFUL DIAGONAL LAID TILE., and a 4 ft. extended garage. This home is waiting for the fussy buyer, as it is a ''10''! From the tip top upgrades and is located in an exceptional active adult community with golf, pickleball restaurant, coffee shop with breakfast & lunch, pickleball, concerts, dance, aerobics, entertainment, leagues, bingo, trivia, bands, Karaoke, putting leagues, small plane group, community trips, and endless groups to join. NO TIME TO BE BORED HERE!!

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12388 W Hazelwood Street Avondale, AZ 85392

$550,000

5 Beds

3 Baths

3,434 SqFt

Status Active

MLS # 6760099

Property Type Single Family Residence

Price Type --

Your dream corner lot property is here! This 5-bed gem boasts a 2-car garage, an RV gate, tasteful stone accents, and a front porch! Discover an inviting living room with vaulted ceilings, a soothing palette, blinds, and wood-look flooring. The great room is perfect for relaxing evenings. Cook gourmet meals in the kitchen, equipped with wood cabinetry, recessed lighting, essential built-in appliances, a pantry, and an island with a breakfast bar. You'll also find a versatile den ideal for an office. The sizeable main bedroom offers soft carpeting, balcony access, an ensuite with dual sinks, and a walk-in closet. Enjoy a breath of fresh air and serene views on the balcony. The spacious backyard includes a covered patio, stylish pavers, and pristine artificial turf. Make this gem yours!

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4443 E Camino De Cafe -- Hereford, AZ 85615

$550,000

4 Beds

2 Baths

1,912 SqFt

Status Active

MLS # 6756980

Property Type Single Family Residence

Price Type --

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6865 E Peralta Circle Mesa, AZ 85212

New

$550,000

4 Beds

3 Baths

2,258 SqFt

Status Active

MLS # 6762077

Property Type Single Family Residence

Price Type --

Homes within DAHLIA POINTE do not last long. Priced for a very quick sale. We are the only active home on the market. Solar will practically eliminate your montly electric obligation.. Home is vacant and ready for a smooth quick sale. Learn how you as a buyer can save thousands on this property. Our preferred lender guarantees below market rates.

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