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.

Home Mortgages: Rates Up, Requirements Easing | Simplifying The Market

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:

Home Mortgages: Rates Up, Requirements Easing | Simplifying The Market

  1. 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 1st quarter of 2017:

Home Mortgages: Rates Up, Requirements Easing | Simplifying The Market

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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19215 N 268th Lane Buckeye, AZ 85396

$584,990
3 Beds
3.5 Baths
2,736 SqFt
Status Active
MLS # 6737806
Property Type Single Family Residence
Price Type --
Up to 3% of Base Price or total purchase price, whichever is less, is available through preferred lender. Experience immediate elegance in this move-in ready Voyage floorplan. This home features 3 bedrooms, each with its own full bath, and a versatile flex room. The owner's bath boasts a framed walk-in shower with a seat. Additional highlights include an AV built-in, a 2+ car garage plus a golf cart garage, upgraded cabinets, granite countertops, and a chef's kitchen with a 36'' gas cooktop, wall oven, microwave, and Energy Star stainless steel dishwasher. Enhanced electrical and garage hobby packages complete this sophisticated home.

257 S 165th Avenue Goodyear, AZ 85338

$584,990
3 Beds
3 Baths
2,456 SqFt
Status Active
MLS # 6739809
Property Type Single Family Residence
Price Type --
It's the stunning Amethyst floor plan with 3 bedrooms, 3 baths. Extended covered patio with a 12x8 sliding glass door. 8'garage door with two controls. Sonoma Maple ''Slate-gray cabinets with 42'' kitchen uppers. Enhanced kitchen island with Himalaya white granite countertops and white undermount single bowl sink. Stainless steel 30'' cooktop with wall oven, micro and canopy hood. Upgraded flooring includes EMS Baccarat 12x24 Astra tile in all areas of the home except beds/closets. Dual sinks in bath 2, 8' tall interior doors. 8' tall garage door with two controls. Estimated completion October/November.

3438 E Betsy Lane Gilbert, AZ 85296

$584,990
4 Beds
2.5 Baths
2,909 SqFt
Status Active
MLS # 6739064
Property Type Single Family Residence
Price Type --
Now with a strategic price adjustment—this opportunity is too good to pass up! This move-in-ready 4-bedroom beauty in Higley Park won't last long! The versatile floor plan offers THREE EXTRA living spaces—ideal for a den, home office, or cozy loft—giving you endless options to suit your lifestyle. The sellers have meticulously prepared this home, and it shows. With fresh paint, a new AC unit, and abundant storage, this home combines comfort, style, and functionality. You'll love the expansive primary suite featuring a grand bedroom, luxurious bathroom, and an oversized walk-in closet that's truly a must-see. Step outside to enjoy tree-lined streets, parks, walking trails, and a refreshing community pool. Located just a short stroll from Agritopia and Gilbert's Epicenter, where fantastic dining and shopping await. With close proximity to Loop 202, San Tan Mall, and excellent schools, this location is unbeatable. Take advantage of this newly priced gem tour today and make it yours!

16006 W Electra Lane Lane Surprise, AZ 85387

$584,930
3 Beds
3 Baths
2,229 SqFt
Status Active
MLS # 6764927
Property Type Single Family Residence
Price Type --
New home ready for immediate occupancy! This single level 2225 SF single level 3 BR, 3. BA home is located on a north south facing home site. Surrounded by single level homes, no 2 stories. Exciting included features include white cabinets, upgraded granite tops, tile Kitchen backsplash, plank tile on the floors, 10' ceilings, 8' interior doors, 3 car garage, gourmet kitchen, garage service door, tank less water heater, Front Yard landscape, and so much more. Neighborhood includes, tree lined streets, Community Aquatic Center, Picleball Courts. Certified Energy Star and Indoor Air Plus for more energy savings.

11562 N 162nd Lane Surprise, AZ 85379

$584,900
4 Beds
3 Baths
2,922 SqFt
Status Active Under Contract
MLS # 6749232
Property Type Single Family Residence
Price Type --
Welcome to this beautiful 4-bedroom, 3-bathroom home with an oversized kitchen and pool in the backyard! The great room showcases high ceilings, a neutral palette, blinds for privacy, and a combination of soft carpet and tile flooring. The spotless kitchen offers granite counters, abundant cabinetry, pendant/recessed lighting, SS appliances, and an oversize island with a breakfast bar. Den/Office and a bedroom are located on the main floor. Upstairs, the cozy loft provides additional living space. The main bedroom includes an ensuite with dual sinks, and a walk-in shower. Venture outside to the serene backyard, complete with a covered patio, low-maintenance artificial turf, and a sparkling pool. Make this gem yours!

26964 N 104th Lane Peoria, AZ 85383

$584,900
4 Beds
3 Baths
2,605 SqFt
Status Active
MLS # 6733026
Property Type Single Family Residence
Price Type --
Welcome to Northlands Encore in North Peoria, the best value for the money in the area, where the skies are bigger and the sunset glow fills the sky with radiant pink, orange, and purple. Step outside every morning and view the beautiful Calderwood Butte out your front door, with private backyard mountain views and the trail head right down the street, you'll get the full enjoyment of this very special home in an extraordinary community. Step inside this move-in ready 2-story Amethyst Model by Taylor Morrison, with over 2605 sq. ft. of living space, 4 BED + LOFT + 3 BATH, and a 2 CAR temp controlled garage. NEW CARPET was just installed in the living room and throughout the entire 2nd level! The main level features an open concept main living area, light and bright neutral color pallet throughout, white trim, blinds, and doors. Convenient main-level bedroom and full bath, currently used as a home gym. Open concept kitchen and dining area with light gray tile floors, can-lighting, contrasting twilight cabinets, dark gray granite countertops and island, a stainless steel GE appliance package, and a walk-in pantry for all your storage needs. The upper level features a large open loft, which can be used as another living space, office, or game area. Master suite with full master bath, featuring a tub and shower combo, double sinks, and a walk-in closet. Split floor plan with 2 additional bedrooms and a full bathroom. Step out back and take a deep breath, with no back neighbors and beautiful mountain views. Large, brick paver covered patio w/fan, outdoor kitchen w/ serving area for dining outdoors, centered green space with a play area to the side. SOLAR will be paid at closing! Neighborhood and property mountain views, close proximity to 303 freeway access, shopping, dining, entertainment, health care, and less than 20 min. away from beautiful Lake Pleasant Regional Park. A list of full updates available in the documents tab, there truly is nothing to do except move in.

926 N 97th Way Mesa, AZ 85207

$584,900
3 Beds
2 Baths
1,651 SqFt
Status Active
MLS # 6747081
Property Type Single Family Residence
Price Type --
Beautiful to be built Modern Farmhouse home with NO HOA! This incredible home includes 1,651 SQFT, 3 large bedrooms, 2 bathrooms, an oversized 2 car garage, open floor plan & kitchen, white quartz counter tops, upgraded stainless steel appliances, farmers sink, modern cabinets, built in soaking tub & double vanities in the primary bathroom, fully fenced backyard, horse privileges, the ability to build a casita or RV garage, & so much more!

2166 S 217th Lane Buckeye, AZ 85326

$584,900
4 Beds
2.5 Baths
3,523 SqFt
Status Active
MLS # 6729300
Property Type Single Family Residence
Price Type --
This spectacular two-story home is perfect for a large family with plenty of room to spread out! Enjoy New Paint outside, new carpet, a water softener, and OWNED solar panels for energy efficiency. Downstairs offers eat in kitchen to entertain your guests with ease. Upstairs boasts four spacious bedrooms with ample closet space. The master bedroom has French doors, walk-in closet and garden tub plus separate shower. Step outside to find your own private oasis complete with brand new sparkling pool, landscaping and views of the desert green belt! Plus there's an extended driveway, three car garage, RV gate and plenty of slab parking. This home is located conveniently close to shopping, restaurants, easy freeway access, hiking & more!

18411 N 46th Place Phoenix, AZ 85032

$584,900
3 Beds
2.5 Baths
1,748 SqFt
Status Active
MLS # 6754654
Property Type Single Family Residence
Price Type --
Welcome to this spacious 2-story home offering 3 bedrooms and 2.5 bathrooms. The home features a bright and airy main level with a spacious living room, kitchen, and a separate dining area. Just a few steps down, discover an inviting family room and convenient half bath, ideal for family and friend gatherings! Upstairs, you'll find the master suite complete with a private ensuite bath, alongside additional bedrooms. You can enjoy the convenience of a two-car garage. This home provides ample parking and storage options. Lastly stepped into your backyard that has a brand new pool that the homeowner designed with endless taste and design. Set up your showing today and lets get you into your new home.

3131 N Central Avenue Unit 5022 Phoenix, AZ 85012

$584,900
2 Beds
2 Baths
1,125 SqFt
Status Active
MLS # 6420046
Property Type Apartment
Price Type --
*Construction completed* 5% BUYER INCENTIVE! Introducing Edison Midtown Phase 2 with 60 new construction condominiums. This spacious two bedroom condo offers ten ft. ceilings, an open floor plan, and large master bedroom with ensuite bathroom. Chefs kitchen offers expansive cabinetry, quartz countertops and stainless steel appliances including a gas range. Edison Midtown features incredible amenities for that perfect Urbanite lifestyle. A beautiful pool and lap pool, 2000 sq. ft. fitness center and lounge, and gated parking garage.

6078 E Southern Avenue Apache Junction, AZ 85119

$584,900
3 Beds
2 Baths
1,844 SqFt
Status Active
MLS # 6720211
Property Type Single Family Residence
Price Type --
Exceptional property nestled on an acre lot, perfect for horse lovers! Near the Superstition Mountains, this BEAUTIFULLY REMODELED home offers breathtaking views & a serene environment. Providing 3 beds, 2 baths, & a 2-car garage. Highly upgraded interior showcases fresh neutral paint, tons of natural light, and wood-look flooring w/carpet in bedrooms. If entertaining is on your mind, you'll love the spacious open layout adorned w/a cozy fireplace! The renewed kitchen boasts SS appliances, quartz counters, recessed & pendant lighting, white shaker cabinetry, and an island w/breakfast bar. Main bedroom has a spotless bathroom w/tiled step-in shower. Relax under the covered patio of your expansive backyard! Plenty of room for parking, gardens, and horse/animal facilities! Move-in ready

1300 W 7th Street Tempe, AZ 85281

$584,900
6 Beds
4 Baths
2,441 SqFt
Status Active
MLS # 6733783
Property Type Single Family Residence
Price Type --
**AMAZING 6bd/4bath HOME ON A HUGE LOT IN THE HEART OF TEMPE & NEAR ASU!** This is the perfect investment or rental property! Featuring: 2441 sq.ft of Living Space, Fresh Interior Paint, easily maintained Tile, Formal Living Room, Massive Family Room, Dining Area, Kitchen with Refinished Cabinets, Gas Stove, Refrigerator & Dishwasher, 6 Good Sized Bedrooms, 4 bathrooms (1 Newly Remodeled)+ A HUGE FLEX ROOM (potential 7th bedroom), Upgraded Dual Pane Windows, Custom Fans & AC is serviced regularly. Washer/Dryer & additional Refrigerator included. Flex Room at the back of the home also has separate entry. The Giant Family Room is perfect for a large game room/office/home theater and has 2 additional closets for extra storage. NO HOA, perfect for AIRBNB, Rental or a Large Family Home! This home is perched on almost a 10,000sf lot and has and additional storage shed on a slab in the backyard that provides tons of extra storage space. Your extended driveway has enough slab spaces in the front to park at least 7 cars. Location is walking distance from Mill Ave shops and restaurants/entertainment + ASU! This is a must see property!!!

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