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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9437 E Spiral Avenue Mesa, AZ 85212

New

$459,990

3 Beds

2 Baths

1,377 SqFt

Status Active

MLS # 6694633

Property Type Single Family Residence

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This adorable cozy home offers 3 large bedrooms with our Roosevelet Premium Palette, including a stainless gas range, dishwasher, and microwave with granite kitchen counters Tile floors in all the main living areas with upgraded carpet in the bedrooms. Many upgrades in plumbing and electrical bring this homes design together for a lovely home to move into. This home also offers a large four panel slider to the back patio. Stop by today to see why Eastmark is the #1 place to call home.

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11230 W Marguerite Avenue Tolleson, AZ 85353

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4 Beds

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2,192 SqFt

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MLS # 6695667

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Below Market Financing Available!!!!!!!!!!! This single-story home features three secondary bedrooms off of the foyer, one with its own en-suite bathroom making it ideal for guests. The open layout encompasses the kitchen, dining and Great Room creating a spacious living area. Off the Great Room is the owner's suite which boasts a spa-inspired bathroom with a large walk-in closet. The covered courtyard and rear covered patio provide plenty of outdoor living opportunities. Photos are renderings of a model home, not the actual home.

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41090 W Haley Drive Maricopa, AZ 85138

$459,990

3 Beds

2 Baths

1,987 SqFt

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MLS # 6594869

Property Type Single Family Residence

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QUICK MOVE-IN!!! It's our beautiful Belice - 3 bedrooms + flex space, 2 baths and a 3 car tandem garage. 12'x8' sliding glass door off the extended covered patio. Large walk in shower at owner's bath with EMS Casino Ice gloss in a 4x16 tile at shower surrounds . Stainless steel gas appliance package with undermount single bowl sink. Winstead Maple ''Cafe'' stained cabinets through out the home with 42'' kitchen uppers and rollouts at pantry. Himalaya white granite countertops in kitchen and on the enhanced kitchen island. Kitchen backsplash has a 4x16 Ice Matte tile. Flooring includes EMS 12x24 Baccarat Astra tile in all the areas of the home except beds/closets. Dual sinks at bath 2. Two-tone interior paint ''Agreeable Gray'', soft water loop and so much more. Seller to write contract and to verify all information with onsite agents. Water Company is Santa Cruz Water Company and Sewer is Palo Verde Utilities Company.

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1263 E Palo Verde Drive Casa Grande, AZ 85122

$459,990

5 Beds

3 Baths

2,549 SqFt

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MLS # 6637959

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If you're looking for a ranch style, true 5 bedroom split floorplan, in Casa Grande, AZ then look no further! This home, built in 2018, consists of 5 bedrooms, 3 full bathrooms, a 2 car garage and sits on a corner lot 8,448 sqft in size. It has a very spacious backyard with lots of citrus trees and even a large covered patio for those fall, winter and spring nights you may want to enjoy the Arizona weather. This home has had only one owner and has been kept in meticulous condition. There is surround sound throughout and even a multi-camera owned security system and it's all located within the Cottonwood Ranch community of Casa Grande.

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