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.

Whats 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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13602 S Garnet Road Buckeye, AZ 85326

$575,555
3 Beds
3 Baths
2,718 SqFt
Status Active
MLS # 6757813
Property Type Single Family Residence
Price Type --
Move in ready custom home sitting on 1.2 acres with huge garage , remodeled primary bath with tiled shower & tub, new vanity, lighting, & fixtures. Nicely remodeled kitchen with QUARTZ counters, tall cabinets, pantry & trash compactor. Breakfast bar, eat-in kitchen + a formal dining room. Living room with cozy fireplace & large bay window seat flows nicely into billiard room, bar, & office. There is a large craft room with outside exit door & an enclosed AZ room off the primary + a nursery & walk-in closet. Vaulted ceilings, fans, plant shelves, french doors with inset blinds, dual pane windows. 3.5 car extra tall garage with plenty of storage, newer water softener. Grass yard, 2 RV gates, fully fenced. And a sun deck to enjoy 300* MOUNTAIN VIEWS! Live Rural with shopping only 4 miles awa

8552 W Sierra Street Peoria, AZ 85345

$575,500 - 4Br/2Ba -  for Sale in Ryland At Silvercreek, Peoria
Open House
$575,500
4 Beds
2 Baths
2,228 SqFt
Status Active
MLS # 6727723
Property Type Single Family Residence
Price Type --
**BUYER FINANCING HELP AVAILABLE**Step into this freshly painted home featuring a spacious living and dining area that provides ample space for entertainment. The large kitchen boasts stainless steel appliances, a kitchen island, extended cabinetry, a breakfast nook, and opens to a huge family room with a cozy fireplace. The expansive primary suite offers a walk-in closet and a luxurious bath. Three additional bedrooms share a well-appointed bathroom. Outside, enjoy a perfect backyard oasis complete with a heated pool featuring a soothing waterfall. Situated on a huge lot ideal for entertaining or personal enjoyment, the property includes a gazebo and storage shed for added convenience. RV gate and ample parking space, plus a three-car garage and new AC unit

32 County Road Unit 3069 Concho, AZ 85924

$575,000
3 Beds
2 Baths
2,460 SqFt
Status Active
MLS # 6717647
Property Type Manufactured Home
Price Type --
Motivated Seller! Says to submit all offers. Don't miss out on this beautiful property in the Vernon Area! Approximately 10 fenced acres, with a triple wide manufactured home, your own well, 4 horse paddocks and a 30'x60' Metal Building for storing farm equipment and animal feed. Another 30'x60' Metal Building nearby, is set up for a work shop with a mother in law quarters attached at the rear. You will have your own well with 2000 gallon storage, and plenty of space to stretch out. Seller is offering a 2% Sellers Concession for the Buyers to use in buying sown their points!!!! Seller has also REDUCED the price to $20k below the appraised price!!!! The trees on the property were selectively removed so as to maximize the privacy and solitude. 30' X 72' shop with 700 sq ft guest room with kitchenette and bathroom as well as laundry, suitable for student, mother in law or caretaker quarters. Worry free Electric thermal heating system. Convenient rest room facilities for the shop. Separate septic system. Main part of the shop is not heated. 800 square feet of grass, extensive flower beds with sprinklers and drip irrigation. 30' X 60' metal barn, four separate horse corrals, 4 water hydrants in the horse area, hitching post adjacent to the barn, next to a corral. Well, 12' X 20' well house, 2000 gallon storage tank, pressure pump, 2 bladder tanks. Dog yard, small yard for wet weather, large yard pen when it is dry. Smart Doggie door off the laundry room. 1.5 miles to National Forest with riding and hiking trails plentiful. Star Link high speed internet. Owner will leave the internet system in place assuming it is transferable to the new owners.

45816 N 288th Avenue Wickenburg, AZ 85390

$575,000
4 Beds
2 Baths
1,680 SqFt
Status Active
MLS # 6639472
Property Type Single Family Residence
Price Type --
Getting closer to completion, drywall is in! Discover the epitome of contemporary living in this exceptional hillside home, currently under construction on 3.44 acres of sprawling beauty. Boasting a distinctive metal roof and metal siding, this brand-new 4-bedroom, 2-bathroom, 4-car garage residence is a visionary blend of modern aesthetics and rugged elegance. This home invites you to become a part of its story. Seize the rare opportunity to acquire this hillside masterpiece at a discounted rate before its completion. Envision the lifestyle that awaits in a new, custom-built residence surrounded by the serenity of nature. Make your mark on this exceptional property - the canvas is yours, and the possibilities are endless.

35420 N 220th Drive Morristown, AZ 85342

$575,000
3 Beds
3 Baths
2,515 SqFt
Status Active
MLS # 6723494
Property Type Single Family Residence
Price Type --
Welcome to this beautiful 3 bedroom plus den, 3 bathroom home sitting on 1 acre. Open concept design with a split floor plan. Tile flooring in main living areas with luxury vinyl wood flooring in the family room. Kitchen boasts granite countertops, stainless steel appliances, staggered wood cabinet's and a coffee bar. Extra large laundry room with utility sink and matching cabinets. 2 large RV gates on the north and south sides of the property with 30amp RV hookup available. Large covered patio with above ground spa. Plenty of room for parking the toys and an extra large separate storage garage. Built with self sufficiency in mind this property is the well owner, has in ground septic and solar panels. Roof was completely redone in May 2023.

1225 Highway Loop Forest Lakes, AZ 85931

$575,000
2 Beds
1 Bath
1,008 SqFt
Status Active
MLS # 6748097
Property Type Single Family Residence
Price Type --
Discover a unique opportunity in Forest Lakes Estates with this newly listed multi-family property at 1225 Highway Loop. Built in 2022, this award winning cabin offers a blend of eco-friendly living and potential rental income. The 1008 square foot home features two bedrooms and one bathroom, showcasing an efficient use of space. The interior boasts modern amenities, including keyless entry, a smart thermostat, and a tankless water heater. The lower level comprises a kitchen, great room, two bedrooms, and a bathroom with an integrated laundry area. An additional sleeping loft or bonus living space is located upstairs, providing versatile living options. Exterior highlights include a durable Trex front deck, adding both aesthetic appeal and longevity to the property. Situated on over an acre of land in a cul-de-sac, this multi-family zoned lot presents numerous development possibilities. The county has already approved the construction of two additional tiny homes, offering potential for expansion or rental income. Forest Lakes Estates, nestled atop the Mogollon Rim, provides a refreshing retreat just two hours from Phoenix, with temperatures 30-50 degrees cooler. The community is surrounded by towering Ponderosa Pines and features several trout-stocked lakes, perfect for fishing enthusiasts. Unlike many developments, Forest Lakes has no mandatory HOA, fostering a welcoming atmosphere with community events and a voluntary homeowners association. Recreational opportunities abound in this vibrant area. Residents can explore the woods, kayak, fish, or navigate extensive UTV trails with breathtaking views. The community also boasts a library/church with a basketball court and a bustling community center that hosts markets, rummage sales, game nights, and special events like the 4th of July fair. This can be a turnkey property, furniture is negotiable, allowing for immediate enjoyment. Additionally, materials for a 24x24 Versatube metal garage are available and negotiable with the sellers, providing further potential for customization. Whether seeking a cool summer getaway or a charming winter wonderland, Forest Lakes offers the perfect retreat. Don't miss this chance to own a piece of tranquil paradise and create lasting memories in this unique, eco-friendly home.

1830 W Alta Vista Road Phoenix, AZ 85041

$575,000
5 Beds
3 Baths
1,554 SqFt
Status Active
MLS # 6717285
Property Type Single Family Residence
Price Type --
🏡 **Investment Opportunity: Tenant-Occupied Gem!** Welcome to your next lucrative real estate venture! Nestled in a sought-after neighborhood, this remarkable 5-bedroom, 3-bathroom house with a spacious backyard offers an irresistible investment opportunity. Here's why you should seize the chance: **Key Features:** 1. **Tenant Occupied:** Sit back and watch your investment grow effortlessly! This property is already generating substantial rental income, with tenants paying well above market rates. A stable income stream awaits you from day one. 2. **Prime Location:** Located in a desirable neighborhood, this property promises enduring value and high demand. Enjoy the convenience of proximity to schools, shopping centers, parks, and more, ensuring maximum 5 Bedroom Three Bath w/ Large Backyard Tenant in place at $3,495.00 per month 1830 West Alta Vista Road, Phoenix AZ 85034 ReModel Year 2024 New Roof: New Shingles / Roof Boards/ HVAC: 3 ½ Ton (Duct Cleaned ) 2024 by George Brazil Certificate of Service 2024 (George Brazil) Mini Split: 1 ton Brand New 2024 (ReCamera 5) ELECTRICAL: New Wiring throughout Lighting/Ceiling lights; Ceiling Fans (new) Plumbing: New Plumbing (with PEX-A) throughout FLOORING: Brand New (Bruce Hardwood flooring in Bedrooms) Porcelain Tile in Bathrooms Bathrooms: New Vanity Sinks, New Shower heads, New Hollywood LED mirror nEW Medicine Cabinets, New Bidet, Hand Held showers Paints: New interior painting (all rooms ; living rooms) New Exterior Paints + Stone Tiles in the front PAVERS: Brand new Pavers both in Front and Back Laundry Room: New General Electric Combo (Washer/Dryer) Home Depot Water Heaters: Instant Water Heater (Natural Gas) / Tankless Kitchen + Living Room: New Kitchen Island + New Kitchen with New Appliance Dishwasher/Garbage Disposal; Double Oven Range (not brand new) New Kitchen Cabinets Drawers/ Drawer pul Prime Location: Located in a desirable neighborhood, this property promises enduring value and high demand. Enjoy the convenience of proximity to schools, shopping centers, parks, and more, ensuring maximum tenant satisfaction and retention. Modern Upgrades: Say hello to worry-free ownership! With a brand-new roof, washer, dryer, and appliances included, you can rest assured knowing that maintenance costs are minimized, and tenant satisfaction is maximized. Expansive Backyard: Embrace the outdoors! The large backyard provides ample space for relaxation, recreation, and entertainment, making it an attractive feature for potential tenants seeking a lifestyle of comfort and leisure. New Paver Driveway: Impress at first sight! The newly installed paver driveway enhances curb appeal and sets the stage for a warm welcome, leaving a lasting impression on both tenants and visitors. Investment Highlights: Income Potential: Benefit from immediate cash flow with tenants already in place, offering an attractive return on investment. Low Maintenance: With recent upgrades and meticulous upkeep, enjoy hassle-free ownership and minimal expenses. Value Appreciation: Capitalize on the potential for long-term appreciation in property value, fueled by the property's prime location and enduring appeal. Don't Miss Out! This tenant-occupied treasure presents an exceptional opportunity for savvy investors seeking steady returns and long-term wealth accumulation. Act now to secure your future in real estate! Buyer to verify all facts and figures. Explore Your Investment Opportunity: Rental Property Perfectly Situated near South Mountain Park and Light Rail Access! Looking for an investment property that combines location, convenience, and income potential? Welcome to your next venture at the prime location of South Mountain Park and Light Rail Access! **Strategic Location** Nestled in the thriving area near South Mountain Park, this rental property offers the perfect blend of urban convenience and natural beauty. South Mountain Park, one of the largest municipal parks in the country, provides residents with endless opportunities for outdoor recreation, from hiking and biking to picnicking and enjoying scenic views. **Easy Access to Light Rail** With the convenience of nearby light rail access, commuting has never been easier for tenants. The new light rail line provides seamless connectivity to downtown Phoenix, making it ideal for tenants who work in the city center or nearby employment hubs. **Thriving Employment Opportunities** Located in close proximity to major employment centers, including downtown Phoenix and surrounding business districts, this property offers tenants convenient access to a wide range of job opportunities. Whether they work in healthcare, technology, education, or hospitality, tenants will appreciate the short commute times and easy access to employment options. **Investment Potential** With its desirable location, proximity to employment centers, and easy access to recreational amenities, this property presents a lucrative investment opportunity in the thriving Phoenix real estate market. Whether you're a seasoned investor or a first-time buyer, don't miss out on the chance to add this gem to your portfolio.

1917 W Steinbeck Drive Anthem, AZ 85086

$575,000
3 Beds
3 Baths
1,976 SqFt
Status Active
MLS # 6671728
Property Type Single Family Residence
Price Type --
Back on market with BRAND NEW interior & exterior paint & ALL NEW flooring! Enjoy backing to open space with distant mountain views from this charming 2 bedroom, den, 2 bath main house with 1 bedroom/1 bath detached guest house! Remodeled kitchen with quartz counters, gray subway tile backsplash and charcoal stainless appliances with electric range. Refrigerator, washer & dryer included! Primary suite includes separate walk-in shower with tumbled travertine surround and separate jetted soaking tub, dual sinks with quartz counters and walk-in closet! Casita bath has been remodeled with tile-surround walk-in shower and basket weave tile floor. Backyard features pergola and putting green. Extensive use of pavers with in-ground lighting, flagstone patios, walkways and courtyard. 2020 AC unit! Sellers added mini-split in Casita, French Doors to Backyard & Security Door on Front Door. Extra insulation added.

3757 E Perkinsville Street Gilbert, AZ 85295

$575,000 - 3Br/2Ba -  for Sale in Cooley Station Parcel 15 Phase 1, Gilbert
New
$575,000
3 Beds
2 Baths
1,866 SqFt
Status Active
MLS # 6761979
Property Type Single Family Residence
Price Type --
Immaculate home that's only 6 years old, so everything is newer with great energy efficiency. This looks like a model home! Fresh exterior paint, stone trim, artificial turf, and pavers on the front give great curb appeal. Spacious great room with open floor plan. Upgraded gourmet kitchen with large island, granite sink, double oven, pantry, and stainless appliances. Master bath features large, upgraded shower and dual sinks. Double sliding back door with 4 total glass panes opens to a low maintenance back yard featuring a covered patio, pavers and artificial turf. Gas stove & hot water heater along with water softener, and brand new dish washer. All windows are dual pane Low-E. Energy efficient SEER 16 A/C unit. Premium lot space is about 250' from community park & pool. Upgraded garage door opener is super quiet. Ring system with front door camera convey. Front door lock is programmable and can be controlled from smart phone. Come see how great this property looks in person!

35314 N 31st Avenue Phoenix, AZ 85086

$575,000
4 Beds
2 Baths
2,258 SqFt
Status Active
MLS # 6760137
Property Type Single Family Residence
Price Type --
Wow, beautiful 4 bedroom Tramonto home, Updated with granite counters, sinks and faucets. Large private rear year, 2+ car garage with storage. Newer carpet and paint. Tramonto offers community pools, tennis parks and miles of walking trails. Easy walk to highly rated grade and middle school. Near shopping and restaurants . True sense of community. Vacant and easy to show.

3849 S Vineyard Avenue Gilbert, AZ 85297

$575,000
4 Beds
2.5 Baths
2,474 SqFt
Status Active
MLS # 6750289
Property Type Single Family Residence
Price Type --
Welcome to your dream home in the highly coveted Power Ranch community! This stunning residence has been freshly painted throughout, offering a crisp, modern aesthetic. The kitchen is a chef's delight, featuring elegant granite countertops, stylish cabinetry, and sleek stainless steel appliances. It seamlessly flows into the expansive great room, where you'll enjoy views of the beautifully landscaped, low-maintenance backyard. Upstairs, you'll find a serene primary bedroom complete with a luxurious full bath and a spacious walk-in closet. The second level also includes three additional bedrooms and a versatile loft area, perfect for a home office or playroom. Step outside to discover your private oasis—a backyard designed for effortless entertaining with its attractive pavers and inviting fire pit. This home is move-in ready and absolutely gorgeous, making it the perfect choice for your next chapter.

18720 E Via Laguna -- Rio Verde, AZ 85263

$575,000
3 Beds
2 Baths
1,799 SqFt
Status Active
MLS # 6744613
Property Type Single Family Residence
Price Type --
Come enjoy resort style living in this sunny, turn key 3 bed/2 bath home nestled into a very quiet street in the active adult, golf community of Rio Verde. Incredible views of green fairways on Quail Run and the majestic Mazatzal Mountains from your very private North facing back patio. Plenty of room for outdoor entertaining on the extended, fenced in patio area. Wood burning fireplace to take the chill off a cool desert night. Eat in kitchen with separate dining area. Community lap and social pool, tennis and pickleball courts, billiards room, two clubhouse restaurants and our new community café/bodega next to the post office as a fun meet up place for breakfast and coffee. golf membership information upon request.

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