Home Mortgages: Rates Up, Requirements Easing

The media has extensively covered the rise in mortgage interest rates since last fall (from 3.42% last September to the current 4.1% according to Freddie Mac). However, a less covered aspect of the mortgage market is that requirements to get a mortgage have eased while rates have risen.

The Mortgage Bankers Association (MBA) quantifies the availability of mortgage credit each month with their Mortgage Credit Availability Index (MCAI). According to the MBA, the MCAI is:

“A summary measure which indicates the availability of mortgage credit at a point in time.”

The higher the index, the easier it is to get a mortgage. Here is a chart showing the MCAI over the last several months as rates have increased.

Have requirements for attaining a mortgage actually eased?

Yes. Here are two examples:

1. FICO® Score – the credit score which helps determine a buyer’s eligibility. The score required to attain a mortgage has been falling over the last five months:

2. Down Payment Requirement – the percentage of the purchase price necessary to place as a down payment on a home. To make this point, let’s look at the percentage of first-time buyers who have put less than 5% down over the last several years as compared to the 1^st quarter of 2017:

Bottom Line

Whether you are a current homeowner looking to move to a home that will better serve your family’s current needs, or a first-time buyer looking for a starter home, it is easier to get a mortgage today than it has been at any other time in the last ten years.  Even if you’re just curious what you will qualify for give me a call – J.P. Cook – 602-320-4253.

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2947 E Rose Lane Phoenix, AZ 85016

$589,000

2 Beds

2 Baths

1,185 SqFt

Status Active

MLS # 6722709

Property Type Townhouse

Price Type --

Views, views, views!! Come see this remodeled Biltmore condo overlooking the magnificent Biltmore golf course. This home features an updated kitchen with stainless steel appliances, completely remodeled bathrooms, new flooring throughout, a good-sized living room and dining room with fireplace, a Split Master, and incredible views of the golf course and mountain from every window and patio. The AC unit was replaced in 2021. One car garage, lush landscaping, Amazing gated community with multiple pools and tennis courts. Within walking distance to all of the Biltmore amenities, world-class hotels and golf courses, shopping, restaurants, entertainment, theaters, library, access to major freeways, 15 minutes to Sky Harbor, and more.

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2504 N Papago Drive Tempe, AZ 85288

$589,000

4 Beds

3 Baths

2,042 SqFt

Status Active

MLS # 6740391

Property Type Single Family Residence

Price Type --

Papago Mountain views! Fully renovated 4 bed 3 bath home in a quiet neighborhood. Amazing central location, just a short drive away from the airport, downtown Scottsdale, ASU, Papago Park and more. No HOA! OWNED SOLAR! Enjoy your energy savings for years to come!

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29559 N Tarragona Drive Peoria, AZ 85383

$589,000

2 Beds

2 Baths

1,546 SqFt

Status Active

MLS # 6740829

Property Type Single Family Residence

Price Type --

Stunning Allure model - High ceilings, Open Floor Plan, Plantation Shutters & Consistent luxury vinyl plank Floors throughout. Gourmet kitchen has storage galore! Cabinets w/pullouts, granite, stainless appliances, RO system, Glazed subway tile & walk in pantry. Tranquil Spacious Master Bedroom W/sitting area overlooks beautiful backyard. Relaxing spa style master bath w/ Moen shower station, dual sinks, upgraded tile & large closet W/built in organizers/drawers! Large laundry room W/D & Container Store organizer system included. 2 Car Garage W/custom cabinets & sink, Professionally landscaped backyard is perfect for entertaining- Pavers, PVC irrigation, Covered Patio. Trilogy is an amazing gated active adult community that features 2 clubhouses, Golf, Fitness centers, Pools & more!

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25424 S 199th Place Queen Creek, AZ 85142

$589,000

3 Beds

2 Baths

1,356 SqFt

Status Active

MLS # 6744874

Property Type Single Family Residence

Price Type --

A charming REMODELED 3 bed, 2 bath home nestled on a 1 acre lot and featuring a 2 car side garage and horse stall. Brand new ROOF. The interior boasts a spacious open floor plan w/vaulted ceilings, all new paint, wood look tile, and new baseboards. The fabulous kitchen is equipped w/ample cabinetry, a pantry, quartz counters, stainless steel appliances, and an island complete w/a breakfast bar. You'll love the primary bedroom, boasting a walk-in closet and a private ensuite w/dual sinks for added comfort.

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5254 Starlight Drive Happy Jack, AZ 86024

$589,000

3 Beds

2 Baths

2,098 SqFt

Status Active

MLS # 6747257

Property Type Single Family Residence

Price Type --

Escape to your own serene retreat with this stunning 3-bedroom, 2-bathroom cabin nestled in the heart of the forest. Situated on almost an acre of lush, wooded land, this home offers the perfect blend of rustic charm and modern comfort. Perfect for family or guests, each room offers warmth and comfort with beautiful wooden accents. Enjoy updated amenities while maintaining the cabin's rustic appeal. Open floor plan with large windows that bring the beauty of the outdoors inside. Whether you're looking for a weekend getaway or a full-time residence, this cabin offers the perfect setting to unwind and connect with nature. Don't miss out on this rare opportunity to own a piece of paradise!

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16017 S 12th Place Phoenix, AZ 85048

$589,000

4 Beds

3 Baths

2,039 SqFt

Status Active

MLS # 6760725

Property Type Single Family Residence

Price Type --

Welcome to your dream home in the highly sought-after Ahwatukee Foothills! this 3 bedroom plus bonus room, 3-bathroom residence boasts 2,039 square feet of luxurious living space. As you step inside, you'll be greeted by a stunning layout, Dramatic Vaulted ceilings, the roof is less then 5 years old, all brand new windows upstairs, updated bathrooms with Quartzsite, New Refrigerator ,and Dishwasher, perfect for entertaining guests or simply enjoying family time. This home has spectacular Mountain views and sits on the beautiful Foothills Golf course, Outback you will enjoy the private pool and hot tub and spiral staircase to your upstairs patio. Also, wonderful nearby hiking trails and golfing amenities and much more.... To much to list. Come take a loo

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2901 N Miller Road Scottsdale, AZ 85251

$589,000

3 Beds

2 Baths

1,131 SqFt

Status Active

MLS # 6762164

Property Type Single Family Residence

Price Type --

Beautiful 3 bedroom 2 bath home on large lot close to schools and all that Old Town Scottsdale has to offer, including Restaurants, Galleries, Museums, Live Entertainment, and Scottsdale Stadium. Spring Training home of the San Francisco Giants and much more. A great location to live and great Air BnB potential RV gates in both front and backyard. Circular Drive in front for easy access, Dual Pane Windows Granite Countertops, Soft Close Cabinet Drawers and Stainless Steel Appliances in kitchen. Beautifully landscaped backyard with lots of space for entertaining. This home is a must see!

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1402 E Briarwood Terrace Phoenix, AZ 85048

$589,000

4 Beds

2.5 Baths

2,061 SqFt

Status Active Under Contract

MLS # 6726149

Property Type Single Family Residence

Price Type --

Nestled in the Augusta gated community, this recently renovated, charming home features newer kitchen with quartz counters and shaker cabinets, master bathroom, tile flooring in the common areas, new interior paint as well as vaulted ceilings creating an open and airy feeling. And not only does it look inviting but renovations also include recent roof underlayment and one AC unit replacement. For those with an electric car, the newly epoxied, three car garage is wired for a car charger. With neighbors on only one side, the private backyard and pool provide an ideal spot for relaxing and entertaining. All this and easy access to the Foothills Golf course and South Mountain hiking trails make this a must see for those looking for a cozy, convenient, and move-in ready home.

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2907 S Elm Street Tempe, AZ 85282

$589,000

4 Beds

3 Baths

1,863 SqFt

Status Active

MLS # 6738692

Property Type Single Family Residence

Price Type --

Two Ensuite Bedrooms can be found in this 4BR/3Bath/2CG house, which was completely remodeled within the outside shell of the original structure and a room addition was added. Included in the remodeling was the addition of a master bedroom/bathroom, increasing the kitchen size with pantry, extending the family room, connectivity to the laundry room & a new 2 car garage. Within the original shell and room addition, the following were replaced: wall studs & drywall, water & sewer line, electrical wiring and AC ductwork & vents. The sewer service to & in the alley was replaced as well. This home is well worth a look! Follow the new flooring to a bright, open kitchen with beautiful raised panel cabinets, recessed lighting, breakfast bar & walk-in pantry. The private back yard feels like home!

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3731 E Mitchell Drive Phoenix, AZ 85018

$589,000

3 Beds

2.5 Baths

1,635 SqFt

Status Active

MLS # 6768183

Property Type Townhouse

Price Type --

AMAZING OPPORTUNITY TO OWN THIS 3BD 2.5BA COMPLETELY REMODELED TOWN HOME IN THE HEART OF ARCADIA LITE! Private, gated community. All tile throughout on the main floor; great room, dining room & large kitchen w/pantry Stainless steel appliances & powder bathroom downstairs. Wood-like, laminate flooring up the stairs & throughout the 2ndfloor. Large primary suite w/private balcony, full primary bath w/separate tub. shower & walk-in closet. Two more bedrooms upstairs each w/walk-in closets & Jack-n-Jill bathroom set up. Ceiling fans in great room & all bedrooms. Laundry room conveniently located on the 2nd floor-washer and dryer included! Two-car attached garage, large rear private patio. Located at the end of the Culdesac street. YOU HAVE TO SEE TO THIS ONE TO BELIEVE IT! & PRICED TO SELL!

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19732 E Mayberry Road Queen Creek, AZ 85142

$589,000

4 Beds

2.5 Baths

2,501 SqFt

Status Active

MLS # 6763667

Property Type Single Family Residence

Price Type --

Stunning Energy-Efficient Home in Queen Creek!Welcome to this beautifully upgraded home offering both luxury and sustainability. 4 bed/ 2.5 baths with a separate office, split floor plan. Equipped with solar panels and two Tesla Powerwall battery systems, this home generates its own electricity, ensuring reliable power—even during outages.Recent upgrades include a brand new HVAC system, new water heater, new water softener, providing peace of mind and comfort. The remodeled master bathroom (2023) boasts modern finishes, making it a true retreat, while new carpeting in the bedrooms adds a touch of coziness and style.This home is perfect for those seeking energy efficiency, modern upgrades, and a stylish, move-in ready residence in the heart of Queen Creek. Don't miss out on this beauty!

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16917 W Sheridan Street Goodyear, AZ 85395

Open House

$589,000

2 Beds

2.5 Baths

1,723 SqFt

Status Active

MLS # 6767295

Property Type Townhouse

Price Type --

This highly upgraded Napa-villa is everything you've been dreaming of! It's designed for easy, lock & leave living, with all the features you could want. The chef's kitchen is a highlight, with quartz countertops, upgraded 42-inch cabinets with convenient lower drawers, stainless steel appliances, wall ovens, a gas cooktop. Tile flooring runs throughout the home, making it both beautiful & easy to care for. The home has tons of extra upgrades: stylish coffered ceilings with 2-tone paint, upgraded windows, 8-foot interior doors, a master closet system, a curbless shower in the master bath, plantation shutters, electric interior & exterior shades. The laundry room comes with extra cabinets & a handy utility sink. Outside, the driveway & entry walkway have a durable Kool deck coating. A stylish front security door welcomes guests. The south-facing courtyard patio is perfect for relaxing or entertaining with paver flooring, a peaceful fountain, and even a TV for outdoor enjoyment. The LifeSource water filtration system is an upgrade that you will love. The roof is even equipped with a pigeon-proof system. This home has everything you need and more!

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