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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2315 E Monona Drive Phoenix, AZ 85024

$575,000

3 Beds

2 Baths

1,656 SqFt

Status Active

MLS # 6734118

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18118 W Golden Lane Waddell, AZ 85355

$575,000

5 Beds

2.5 Baths

3,548 SqFt

Status Active

MLS # 6735575

Property Type Single Family Residence

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$575,000

2 Beds

2 Baths

1,827 SqFt

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$575,000

5 Beds

4 Baths

2,681 SqFt

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2647 N Miller Road Unit 16 Scottsdale, AZ 85257

$575,000

3 Beds

2 Baths

1,542 SqFt

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Property Type Single Family Residence

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$575,000

3 Beds

3.5 Baths

2,537 SqFt

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28721 N 128th Drive Peoria, AZ 85383

$575,000

2 Beds

2 Baths

1,813 SqFt

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MLS # 6749410

Property Type Single Family Residence

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6309 N 14th Street Phoenix, AZ 85014

$575,000

3 Beds

3 Baths

2,226 SqFt

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Property Type Single Family Residence

Price Type --

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$575,000

4 Beds

2 Baths

2,074 SqFt

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Property Type Single Family Residence

Price Type --

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1639 E Redfield Road Gilbert, AZ 85234

$575,000

4 Beds

2 Baths

1,820 SqFt

Status Active

MLS # 6750971

Property Type Single Family Residence

Price Type --

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$575,000

5 Beds

3 Baths

3,818 SqFt

Status Active

MLS # 6751731

Property Type Single Family Residence

Price Type --

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17392 W Grant Street Goodyear, AZ 85338

$575,000

4 Beds

3.5 Baths

3,148 SqFt

Status Active

MLS # 6753144

Property Type Single Family Residence

Price Type --

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