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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17744 W Buckhorn Trail Surprise, AZ 85387

$465,000

4 Beds

2 Baths

2,044 SqFt

Status Active

MLS # 6667478

Property Type Single Family Residence

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Newly sold-out Desert Oasis in Surprise community has a new resale to the market. This beautiful 2,040 sq ft, 4 bed, 2 bath home was built in 2022. This home boasts attractive tile and upgraded carpet throughout; split floorplan; elegant owner's suite has extra windows, double sinks w/quartz countertops, large shower, private toilet room, and an oversized walk-in closet; an spacious open dining room, a large great room w/additional windows; well-appointed kitchen featuring 42'' upper cabinets, quartz countertops, an oversized island, walk-in pantry, & upgraded stainless-steel appliances, including gas range & double oven; central indoor laundry room; and three additional bedrooms & bathroom providing ample space for rest and relaxation. Additional highlights include a stacked stone home front, professionally landscaped front yard, designer brick paver driveway & walkway w/a charming, covered entry; 2-car garage w/extended length for extra storage space, a service door, and 8' tall garage doors; rear yard oasis w/a good sizes covered patio, picturesque trees, shrubs, flowers, and artificial turf.

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17903 W San Alejandro Drive Goodyear, AZ 85338

$465,000

3 Beds

2 Baths

1,735 SqFt

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MLS # 6671804

Property Type Single Family Residence

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BRAND NEW ROOF. Estrella Mountain Ranch stunner. Enter into the open concept living area with vaulted ceilings and large windows providing lots of natural light and views of the pool. The kitchen is bright and equipped with stainless steel appliances, granite countertops, ample cabinet space and a breakfast bar for casual dining. The spacious primary bedroom features vaulted ceilings and has a full ensuite: double sinks, shower, walk-in closet and an exit to the backyard pool. 2 additional bedrooms. The Pebbletech pool has a variable speed pump. New roof underlayment and new water heater. This area is a little bit of heaven with mountains, hiking trails, lakes, golf courses, PICKLEBALL, tennis and beautiful clubhouses. The area has lots of amenities to keep you close to home.

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3935 E Rough Rider Road Phoenix, AZ 85050

$465,000

2 Beds

2 Baths

1,386 SqFt

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MLS # 6669384

Property Type Townhouse

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Villages at Aviano is like living in a resort year round. Perfect lock & leave lifestyle. Extremely well cared for SINGLE LEVEL Amici model. No stairs, 2 bedroom/2 bathroom with 2car tandem garage. ORIGINAL owner who has occupied a fraction of the time as it has served as a second home. NEVER used as a rental! Finishes include new LV flooring (2022) and tile in all major spaces and walkways with carpet in the two bedrooms. Granite counters in the kitchen and primary bathroom, stainless appliances, solid wood doors, arched entryways, full laundry w/newer units (2022), newer HVAC (2022) new W/H (2024) split floor plan, and wired for surround sound. Minutes from the Desert Ridge Marketplace, Mayo Clinic, Wildfire Golf Club, Top Restaurants and High Street, and easy access to the 51 &101

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18798 N Piccolo Drive Maricopa, AZ 85138

$465,000

5 Beds

3 Baths

2,722 SqFt

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MLS # 6670388

Property Type Single Family Residence

Price Type --

PRICE IMPROVEMENT! STUNNING Single Level Built in 2021 w Over 2700 Sq Ft! Boasting 4 spacious beds with walkin closets + enclosed den, 3 FULL baths (second master with on suite!) & formal dining room! Gorgeous kitchen overlooks the great room & features staggered White cabinetry, granite countertops, subway tile backsplash & SS appliances w GAS range! UPGRADES include soaring 10+ ft ceilings, 5 in baseboards, wood plank tile, plush carpet, modern fixtures, designer paint, gas hookup to dryer, extended garage w epoxy flooring & more! Palatial master features dual sinks, oversized walk-in shower & soaking tub & huge walkin closet! Step through the oversized doors to your own BACKYARD OASIS with sparkling pool, extended paver & travertine deck, large pergola & shed with NO NEIGHBORS BEHIND!

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