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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17199 W Elaine Drive Goodyear, AZ 85338

Open House

$465,000

3 Beds

2.5 Baths

1,918 SqFt

Status Active

MLS # 6689110

Property Type Single Family Residence

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Home, sweet home! This fantastic 3 bed, 2 bath residence now on the market is looking for its new owners! A beautiful facade w/stone accents, easy-care front yard, a 2 car garage w/built-in cabinets, and an RV gate are just the beginning! Inside you'll find a spacious dining & living area w/elegant wood-look flooring, dazzling light fixtures, upgraded ceiling fans, custom palette throughout, outdoor access w/stylish French doors, and a warm fireplace. The gorgeous kitchen is comprised of wood cabinetry w/granite counters, a pantry, stainless steel appliances, stone backsplash, and a lovely island. Discover a cozy loft where you can spend a relaxing Sunday evening! The primary bedroom boasts vaulted ceilings, private balcony access, a walk-in closet, and a full ensuite w/dual sinks. Also including a wonderful backyard w/a covered patio, a quaint pergola, and a sparkling blue pool, this home simply has it all! Act now before it's gone!

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10823 W Sarabande Circle Sun City, AZ 85351

$464,999

3 Beds

2 Baths

1,957 SqFt

Status Active

MLS # 6640061

Property Type Single Family Residence

Price Type --

Explore the charm of this newly renovated residence in Sun City, featuring a modernized kitchen and bathrooms, as well as upgraded flooring and fresh paint throughout. This home is designed to leave a lasting impression and is truly a must-see. Come and discover the myriad offerings of this exceptional property for yourself.

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40243 W Michaels Drive Maricopa, AZ 85138

$464,995

4 Beds

3 Baths

2,220 SqFt

Status Active

MLS # 6630712

Property Type Single Family Residence

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Explore this impressive Raleigh home. Included features: an inviting covered entry; a guest suite with a bathroom in lieu of a study; an open dining area; a gourmet kitchen offering a double oven, quartz countertops, tile backsplash, stainless-steel appliances, a center island and a walk-in pantry; a spacious great room boasting center-meet doors leading onto a relaxing covered patio; a convenient laundry; a lavish primary suite showcasing a generous walk-in closet and a deluxe bath with double sinks; a teen room in lieu of a bedroom; a storage area; a mudroom and a 2-car garage. This home also offers ceramic tile flooring in select rooms.

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10830 W Grant Street Avondale, AZ 85323

New

$464,995

3 Beds

2 Baths

1,860 SqFt

Status Active

MLS # 6693990

Property Type Single Family Residence

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Discover this stunning Sunstone home, ready for quick move-in! Included features: a private study; a spacious great room overlooking a serene covered patio; a dining nook; a thoughtfully designed kitchen boasting 42'' upper cabinets, quartz countertops, a walk-in pantry, a center island and stainless-steel appliances, including a gas range; a central laundry; and a lavish primary suite showcasing dual walk-in closets and an attached bath. This home also has upgraded stone tile flooring, cultured marble bathroom countertops, ceiling fan prewiring, front yard landscaping and a concrete-paver driveway and walkway.

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