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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24576 N 143rd Drive Surprise, AZ 85387

$550,000

4 Beds

2.5 Baths

2,379 SqFt

Status Active Under Contract

MLS # 6756832

Property Type Single Family Residence

Price Type --

Welcome to Rancho Mercado where this beautiful home is loaded with upgrades. The kitchen features a gas range, in-wall oven, upgraded cabinets and tile backsplash. Decorative beadboard around the large kitchen island tie into the shiplap accent walls in the living and dining room. The home comes fully equipped with all appliances, deep freezer, custom window coverings, water softener, owned alarm system, and sunscreens. The home has ample storage including overhead racks in the 3 car tandem garage, laundry room cabinets, and additional shelves in the pantry and primary closet. This home is truly move in ready with the professionally landscaped backyard, enhanced lighting, ceiling fans, two-tone paint, upgraded carpet, and more. Come tour the split floor plan and spacious layout.

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3625 S Payton -- Mesa, AZ 85212

$550,000

4 Beds

2.5 Baths

2,385 SqFt

Status Active

MLS # 6742883

Property Type Single Family Residence

Price Type --

Take a look at this desirable home in Mesa located just minutes from freeway access, and dining options! It has an amazing layout with 4 bedrooms, a den, and a loft. The open kitchen, highlighted by a beautiful picture window, offers a scenic view of the sizable backyard. The large primary bedroom is upstairs, and has a spacious bathroom, and 2 closets. Don't miss out on this inviting home with its ideal location and well-designed features!

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1708 W Highland Street Chandler, AZ 85224

$550,000

5 Beds

3 Baths

2,217 SqFt

Status Active

MLS # 6742172

Property Type Single Family Residence

Price Type --

Versatile & beautifully remodeled 5-bedroom home, offering a range of possibilities. The attached 2-bedroom suite includes a living room/kitchenette, full bath, & private or shared entry, perfect for multi-generational living, office space, or rental income. The open-concept kitchen is a chef's delight with custom cabinets, an island, walk-in pantry, & abundant storage. Recent upgrades include wood laminate flooring, tile, fresh paint inside & out, custom cabinetry, & granite countertops. Primary bedroom w/ walk in closet. Home features a newer roof! The back unit, currently separated by a wall, can easily be converted back. Nice sized covered patio! High demand area, close to freeways, shopping & schools! Home is now vacant & ready to go! Make this HOME today!

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1476 S Amity Lane Eagar, AZ 85925

$550,000

5 Beds

2.5 Baths

2,672 SqFt

Status Active

MLS # 6720580

Property Type Single Family Residence

Price Type --

Listing agent has vested interest in company that owns the home. Central Air, Gas Fireplace, Soft Water, Central Vac, Central Monitoring Alarm (Owned), Surround sound speakers in upstairs Living Area, Home Intercom System, massive deck with best views!

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19961 W Heatherbrae Drive Litchfield Park, AZ 85340

$550,000

3 Beds

2.5 Baths

2,686 SqFt

Status Active

MLS # 6724709

Property Type Single Family Residence

Price Type --

Virtually brand new home in Verrado! Home has feels as thought its never been lived in! Great location within Verrado, short distance from Verrado High School. Home feels open and inviting with lots of natural light. Floor plan offers living room or den upon entry, open style kitchen with large family room overlooking backyard. Upstairs has huge loft area, oversized master suite and two secondary bedrooms sharing jack-n-jill bathroom. Laundry is located upstairs, with easy access via master closet.Energy efficient home is well insulated, and offers 3 zone AC cooling. Kitchen has granite slab countertops, stainless steel appliances with gas cooktop and contemporary fixtures. Low maintenance backyard has covered patio, gazebo and fire pit with mountain views to the south.

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12534 E Ballentine Road Gold Canyon, AZ 85118

$550,000

4 Beds

3 Baths

2,269 SqFt

Status Active

MLS # 6746217

Property Type Single Family Residence

Price Type --

Step into this stunning home, where mountain views steal the show at every turn. A spacious split floorplan offers the perfect blend of privacy and space for entertaining. Need a home office? The versatile den is ready for all your work-from-home needs. This is smart living at its finest—fully equipped with the latest technology to make life easier. Lennar's Platinum Package shines in every detail, from premium tile to elegant cabinetry. Outside, a private backyard oasis awaits, with lush grass and jaw-dropping Superstition Mountain views. ASK ME about getting into this home at only a 4.25% interest rate!!! Homes like this are rare in Peralta Canyon -- don't let this one slip by!

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3613 E Surrey Avenue Phoenix, AZ 85032

$550,000

4 Beds

2 Baths

1,524 SqFt

Status Active

MLS # 6750508

Property Type Single Family Residence

Price Type --

It's all about location. Beautiful home located in desirable Phoenix with 4 beds, 2 baths + office room! It offers a double RV gate along with front & back yard grass landscaping. The kitchen boasts SS appliances w/gas stove, granite countertops, white cabinets, track lighting, & an island w/breakfast bar. Enter the main bedroom to find access to the back, wide closet, & private bathroom. Amazing backyard with a covered patio, grassy areas, 10x12 storage shed, built-in BBQ, Ramada, & an outdoor fireplace w/bench seating. Welcome home.

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6338 N 15th Street Phoenix, AZ 85014

$550,000

3 Beds

2 Baths

1,945 SqFt

Status Active Under Contract

MLS # 6755681

Property Type Single Family Residence

Price Type --

Location, Location, Location. Homes in Sunset Estates rarely come up. Last home sold in there for 1.3 Milliion. This is an investor special with good bones, huge lot, & Enormous potential. This could be the next Central Corridor Beauty. Phenominal location next to shopping, Restaurants, Biltmore, bus stops, light rail, downtown sports and so much more.

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1201 E Desert Park Lane Phoenix, AZ 85020

New

$550,000

3 Beds

2 Baths

1,730 SqFt

Status Active

MLS # 6761522

Property Type Single Family Residence

Price Type --

Unique home in a neighborhood in ongoing revival. Possible business opportunity with this double corner lot. Well maintained home boasts a huge yard, tons of character with lot of possibilities for parking, adding on or building a totally new structure. Home has newer vinyl pane windows, stained concrete floors, porcelain tiles and tons of character as it is! Many homes on this street are total new builds, so move in as is, add on, or build a new home on this double lot. No HOA!

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25315 S 198th Place Queen Creek, AZ 85142

$550,000

2 Beds

2 Baths

1,344 SqFt

Status Active

MLS # 6755568

Property Type Manufactured Home

Price Type --

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1355 S Banning Street Gilbert, AZ 85296

$550,000

3 Beds

3 Baths

1,787 SqFt

Status Active Under Contract

MLS # 6753811

Property Type Single Family Residence

Price Type --

Located in the highly sought-after Agritopia community, this 3bed +den, 3bath cottage has been thoughtfully updated with brand-new windows, new HVAC, upgraded appliances, and newly renovated full bath! This home features a spacious kitchen with a breakfast bar, dining area, new slate appliances, granite countertops, and a new disposal. Enjoy Arizona nights in your private lush side yard with new pavers, perfect for grilling out with the family or having your morning coffee. Upstairs, you'll find a master suite with a walkin closet and dualsink bathroom, along with two additional bedrooms, a bathroom, and an office. The 2-car garage has epoxy flooring and a water softener. community's pool, walking trails, tennis, volleyball, soccer courts, and a dog park! CHECK UPGRADE LIST IN DOCs

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3621 E Meadow Mist Lane San Tan Valley, AZ 85140

$550,000

5 Beds

3 Baths

3,044 SqFt

Status Active

MLS # 6726781

Property Type Single Family Residence

Price Type --

Spacious home with an assumable mortgage- call for details! This popular split floor plan is in the quiet Castlegate community. Mature landscaping, vaulted ceilings, large master bedroom suite, with walk in closet, soaking tub, separate shower and his and her double sinks. Large open kitchen with huge island, stainless steal appliances and granite countertops. Front room can easily be converted into an in law suite for multi generational living. Plenty of room for the family, north south exposure with grassy back yard, covered patio and above ground spa. Plenty of storage throughout the home with a walk in pantry, and a large laundry room with room for 2 refrigerators. Priced below comps and ready for you to make it your own.

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