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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668 E Aurora Drive San Tan Valley, AZ 85140

$574,990
4 Beds
3 Baths
2,144 SqFt
Status Active
MLS # 6768733
Property Type Single Family Residence
Price Type --
Move-in Nov. 2024!!! - Welcome to Edgewood, a charming community by K. Hovnanian Homes, conveniently located just south of AZ-24—perfect for both commuters and weekend adventurers. This beautiful Pasadena plan offers a spacious split floor design with 4 bedrooms, 3 bathrooms, and an additional office or flex room for extra versatility. The great room, with its vaulted ceilings and large sliding doors that open to the backyard, is ideal for entertaining. The home's interior is thoughtfully designed with our Loft-inspired ''Looks'' collection, featuring sleek grey cabinets, quartz countertops, elegant tile, and nickel hardware throughout. Don't miss the opportunity to own this newly completed home! Up to 6% of Loan Amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

610 E Aurora Drive San Tan Valley, AZ 85140

$574,990
4 Beds
3 Baths
2,144 SqFt
Status Active
MLS # 6774531
Property Type Single Family Residence
Price Type --
Almost complete! CORNER LOT! This Pasadena split plan home includes 4 bedrooms, den and 3 baths. Designed with our beautifully curated Classic inspired interior selections. The open great room features a stunning vaulted ceiling and a multi-panel slider that opening to the large patio and backyard perfect for indoor/outdoor living. The kitchen features grey cabinets with satin nickel hardware, sparkling quartz counters and beautiful pendant lighting over the island. The den is ideal for working from home or a quiet retreat. The primary suite includes a generous walk-in closet and a resort like bath with free-standing soaking tub and large shower. This home is not to miss, plan your visit today!!! ^^Up to 6% of Loan amount can be applied towards closing cost and/or short-long term interest rate buydowns when choosing our preferred Lender. Additional eligibility and limited time restrictions apply.

20245 W Catalina Drive Buckeye, AZ 85396

$574,990
4 Beds
3 Baths
2,510 SqFt
Status Active
MLS # 6686329
Property Type Single Family Residence
Price Type --
STOP THE CAR... It's the beautiful Jade floor plan in the Arroyo Seco community. 4 bedrooms, 3 baths and a 2 car garage plus a large storage area. Pavers at the drive, walk and entry, Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Tahoe maple slate - (gray) cabinets throughout. AZT Della Terra Quartz Linen countertops in kitchen and restrooms. Upgrade flooring includes EMS Riverside Firenza 20x20 tile in all areas of the home except bedrooms and closets. 5'' baseboards with 3 1/4'' door casings throughout. Dual sinks at bath 3. Interior two tone paint in ''Whiskers''. 8' tall garage door with two remotes, Garage service door for easy access into the back yard and so much more.

16687 W Saguaro Park Lane Surprise, AZ 85387

$574,990
4 Beds
3.5 Baths
2,664 SqFt
Status Active
MLS # 6742761
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 plus additional 3% of base price or total purchase price, whichever is less, is available to be used toward closing costs, pre-paids, rate buy downs, and/or price adjustments. This Parklane floorplan offers 4 bedrooms, 3.5 baths, a garage extension, a no-step shower, and 8' interior doors among its standout features. The home also includes built-in appliances, quartz kitchen counters, a gas stub in the kitchen for BBQs, and a laundry area equipped for a gas dryer.

5881 N 193rd Drive Litchfield Park, AZ 85340

$574,990 - 5Br/5Ba -  for Sale in Zanjero Trails Parcel 34f, Litchfield Park
Open House
$574,990
5 Beds
4.5 Baths
3,189 SqFt
Status Active
MLS # 6745694
Property Type Single Family Residence
Price Type --
Welcome home to the Remerton floorplan. Featuring a full bedroom bathroom downstairs, two of the secondary bedrooms have private ensuite bathrooms. A formal foyer and hall is the perfect centerpiece for family photos or your art collection. The entrance hall then leads you to the expansive open concept kitchen and living space ideal for holiday gatherings. Whip up some mouthwatering recipes in the open kitchen featuring an impressive walk-in pantry and dedicated breakfast nook. Upstairs bedroom 2 features an ensuite bathroom, making this plan perfect for multi-generational families. An upstairs loft creates the ideal location for family game night! 3 car tandem garage and no homes behind you and stunning mountain views are the cherry on top! This home is ready for a 30-day close of escrow

1359 E Gail Court Gilbert, AZ 85296

$574,990
3 Beds
3 Baths
2,182 SqFt
Status Active Under Contract
MLS # 6771398
Property Type Single Family Residence
Price Type --
Stunning Home in a Premier Golf Course Community! Don't miss this rare opportunity! Nestled in a peaceful cul-de-sac, this exceptional home is a true sanctuary for those seeking luxury and comfort. Key Features: Spacious 3-Car Garage: Plenty of room for vehicles and storage. Backyard Oasis: Enjoy your private retreat with a sparkling pool, lush grassy area, and a covered patio perfect for relaxation and entertaining. Bright and Open Floorplan: Designed for modern living, the generous layout is filled with natural light, creating an inviting atmosphere for gatherings and everyday life. Gourmet Kitchen: Cook and entertain in style with stunning granite countertops, a large island, and top-of-the-line stainless steel appliances. Main Floor Convenience: A versatile den and a full bathroom on the main level offer added flexibility for guests or a home office. Expansive Upstairs Loft: Ideal for recreation or relaxation, this large loft leads to a spacious balcony with breathtaking views of your private pool. Luxurious Master Suite: Retreat to your master ensuite, featuring dual sinks and dual walk-in closets, providing ample space for all your essentials. Updates Include: HVAC (2023), Hot Water Heater (2022), Pool Pump (2023), Roof (2019) Prime Location: Enjoy easy access to shopping, dining, and the freeway, making your daily commute a breeze. This home is a perfect blend of elegance and functionality Come see this home and step into your dream lifestyle!

31783 N 130th Avenue Peoria, AZ 85383

$574,990
4 Beds
2.5 Baths
2,258 SqFt
Status Active
MLS # 6771572
Property Type Single Family Residence
Price Type --
The single-story McDowell offers a formal entry and hall with a tray ceiling, creating a welcoming atmosphere for your guests. Whip up gourmet recipes in your centrally located kitchen that opens to a great room for you and your family to enjoy. With a private primary bedroom located away from secondary bedrooms for maximum privacy. A centralized study for home office needs is perfect for hybrid workers and students. Located within the highly sought after Vistancia masterplan - residents will enjoy access to two recreation centers - Mountain Vista Club and the Foothills Center - that provide year-round activities and have four swimming pools and two waterslides between them. Seller will pay 6% of the base price of the home in buyers closing costs with fully price offer.

10733 W Swayback Pass Peoria, AZ 85383

$574,990
3 Beds
3 Baths
2,282 SqFt
Status Active
MLS # 6708236
Property Type Single Family Residence
Price Type --
Great deal in a great location!! Come and see the beautiful ''Pearl'' floorplan, located on a premium lot in the highly desirable community of Tierra Del Rio South. Featuring 3 beds, plus a den, 3 baths, and a 3 car garage, this home offers an open floorplan with upgraded cabinets and flooring, 8 ft doors, water softner, and 12 ft slider to the back yard. The yard is landscaped with pavers and artificial turf, along with a 16' x 18' redwood patio cover that provides lots of shade throughout the day, and makes it easy to entertain any time of year. The homesite is elevated, and the setbacks are large on all sides of the home, with plenty of room to add a pool. Priced well below comps for quick sale. Bring your offer today.

12963 S 183rd Avenue Goodyear, AZ 85338

$574,990
3 Beds
2.5 Baths
1,900 SqFt
Status Active
MLS # 6763190
Property Type Single Family Residence
Price Type --
OWNED SOLAR ~ Golfer's Dream Home encompassing Post-Card like Panoramic Views; Imagine Resort Backyard ~ Extended Covered Patio, Pavers, 2 BBQ Grills with Seating. Relax ~ Stargazing from Hot tub & Cozy Firepit on 4th Fareway of Troon, Niklaus Design Premium Golf Course. Tray Ceiling in Entry welcomes you to Triple Slider ~Captivating Views of the Estrellas. Kitchen boasts Granite, Attractive Backsplash, Gas Cooktop, Double Ovens & New Lighting! Enjoy, Low Elec Bills, 3 Car, Cen Vac, Tankless HWH, RO, WS, Shutters & Blinds, Various New Lighting, Faucets & Fans! Estrella ~50+miles Hiking, Biking trails, 35+ Parks, Waterpark, Splashpads, Heated Pool, 2 lakes: Boating, Fishing, Tennis, Pickleball, BB, Volley. Award Winning Goodyear: Rec Campus & Civic Square, Amazon, Boeing, Microsoft Estrella has amazing HOA amenities included in your low HOA dues! 50+ Miles of Hiking & biking trails, 35+ parks, waterpark, heated pools, Lap Pool, 2 Lakes, Yacht Club with free resident boating, fishing, Troon, Niklaus golf course, tennis, pickleball, basketball, volleyball, horseshoe pit, covered BBQ ramadas and pavilion, playground equipment, splashpad, BMX park, sporting fields, just to name a few of the Incredible Amenities. Starpointe Residents' Club offers incredible, gourmet lakeside dining at Lakeside Grill Estrella, as well as: weekend brunch, happy hour on the patio, gazing at unsurpassed sunsets. Starpointe is second to none: complete with a waterpark, heated lap pool, cafe, library, fitness center, youth club, meeting rooms for rent.Enjoy a family Wedding or Reunion at Starpointe's event rooms or lawn gazing to the spectacular fountains and the glistening lake. HOA features community events at both Clubhouses! Also included in your dues, Presidio Residents Club featuring a year-round heated pool with splash pad, outdoor showers, mountain views, beautiful social space, sports/ recreation game room with pool table and multiple TVs, great room with fireplace, demonstration kitchen, event lawn, fire pits to relax by, 3400sf, state of the art fitness center, community game/entertainment room perfect for sporting and family gatherings located in Presidio Club. The Cantina, Mexican Restaurant has incredible Mexican food, all fresh braised meats with homemade salsa, sauces, dressings made in house. Cantina includes TV's to watch sporting games, a beautiful patio with amazing views and also hosts free music entertainment! Join in on organized activities via the HOA, some included at no cost, others a minimal fee. Two picturesque lakes, and beautiful backyard displaying one amazing sunrise and sunset after another, are just a few of the reasons to choose this magnificent home. You name it! Estrella is known to be the best value out there when comparing HOA amenities and costs! It's the ideal place for young professionals, singles, active families, and retirees with convenient access to Route 303, I10 and 101. Estrella located in Award Winning Goodyear, named number seven Best US Cities to Live by 24/7 Wall Street. Goodyear was the recipient of prestigious national awards in 2008: All American City Award and the National Civic League and City Livability award from the US Conference of Mayors. Goodyear's focus is on Commerce, Livability, Healthcare and Education. Goodyear was also named #22 in the best 100 cities to reside. New Goodyear Civic Square, showcasing wonderful New Georgia Lord Library, City Offices, City Square for outdoor events, music, plays, etc! There is room to Grow for Goodyear to add around the Civic Square more Restaurants and Retail. Goodyear Recreation Campus Now Open! Multiple Sporting Parks including popular Pickleball, Fitness, BB Court, Tech Room, Water Park, Swimming Lessons! Community Events, Classes, & Celebrations. Goodyear's Largest Christmas Tree Displayed! In addition, many companies that have made Goodyear their home: Amazon, Microsoft, Boeing, Ball Corporation, Aldi, Macy's, Wolf - Subzero, Huhtamaki, REI, Dicks Sporting Goods, Ferrero Rocher, Anderson Windows, Fed EX, UPS, Hobby Lobby, Data Tech Centers! Goodyear has a commitment to bringing industry into the area for local job growth. Sports fans flock into Goodyear watching games at Goodyear Ballpark, home of Spring Training for Cleveland Guardians and Cincinnati Reds. The Goodyear ball field also partners with the community for incredible festivals, as well as for graduation and city events. Many travel from all over the US and other countries to be cared for at the Cancer Treatment Center of America (now City of Hope) located its Western Regional Medical Center within the city's Medical Innovation Corridor of Goodyear! Goodyear is education focused and now the home of Franklin Pierce University and Columbia University. Make Goodyear and this Stupendous home your new full-time home or perfect winter retreat!

1976 S Follett Way Gilbert, AZ 85295

$574,990
4 Beds
3.5 Baths
2,084 SqFt
Status Active
MLS # 6756086
Property Type Single Family Residence
Price Type --
This FANTASTIC 2018 home on a UNIQUE PREMIUM lot is full of UPGRADES! GOURMET kitchen w/stacked espresso stained cabinets, quartz countertops, stainless appliances including new dishwasher + island w/breakfast bar! Open concept great room w/wall of sliders! Head upstairs to 4 bedrooms (all with walk-in closets), 3 baths + a loft! Primary bedroom w/GORGEOUS ensuite bath w/BIG shower + built-in seat! Head outside to your EXTRA LARGE low maintenance backyard w/covered patio, pavers + faux grass! Carpets were cleaned, grout re-stained on the upgraded tile flooring + garage epoxy! This home is truly move-in ready!! Rare in this community to have a driveway! Don't miss this opportunity! Close to SO many wonderful restaurants/shopping including Agritopia, San Tan Village and MORE! WELCOME HOME! Upgraded options include hand-applied 95% smooth finish drywall, 5 baseboards, two-tone paint, wood-grain tile flooring, and plush carpet in the bedrooms. The 4th bedroom includes a full bath, and all bedrooms are equipped with spacious walk-in closets. Step outside to a meticulously landscaped backyard, complete with pavers, artificial turf, low-voltage lighting, and a stucco wall, perfect for relaxing or entertaining.

2425 N 142nd Avenue Goodyear, AZ 85395

$574,970
4 Beds
3 Baths
3,065 SqFt
Status Active
MLS # 6768236
Property Type Single Family Residence
Price Type --
Prime golf course lot! Located in a desirable Palm Valley gated community this home has everything you're looking for! 4 bedrooms, loft, 3 bathrooms, multiple patios & more than 3,000 sq ft of livable space. 2 brand new a/c units, newer appliances & water heater. Throughout you will notice the plank tile in the main living areas, 10' tall ceilings , 8' tall doors & large windows providing an abundance of natural light. Large kitchen with lots of counter space, 42'' upper cabinets, under cabinet lighting, pantry, travertine backslash & granite countertops. Primary suite is located downstairs & has great golf course views, double sinks, separate shower/tub & walk-in closet. Upstairs there are 2 large bedrooms, 2 balcony's with amazing sunset views & a large loft. Community Center, pool, tennis courts and children's playground. Located near shopping, schools, entertainment & the I10 freeway!

520 S Roosevelt Street Unit 1009 Tempe, AZ 85281

$574,900
2 Beds
2.5 Baths
1,483 SqFt
Status Active
MLS # 6743200
Property Type Apartment
Price Type --
Tempe Urban Living, now ''Skye 15 Lofts'', nestled within the Riverside-Sunset Neighborhood just west of Mill Avenue in Downtown Tempe, is truly an architectural gem. Designed by the Baldinger Studio, this large 2 bed, 2.5 bath loft shares a common modern DNA: open floor plans, exposed block construction, Rooftop Terraces, urban Backyard w/synthetic grass, and European style cabinetry. But most importantly, they share modern minimalist architecture that is unique not only to Downtown Tempe, but to the entire Valley of the Sun. This dwelling is walking distance to the Metro light rail, Tempe Town Lake, Mill Ave Streetcar, Whole Foods Marketplace, Mill Avenue with tons of shops and restaurants, ASU and everything else downtown Tempe has to offer!

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