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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2655 E Estrella Street Gilbert, AZ 85296

$569,000
4 Beds
2 Baths
1,917 SqFt
Status Active
MLS # 6725471
Property Type Single Family Residence
Price Type --
BACK ON MARKET WITH A BRAND NEW ROOF AND HVAC - This beautiful home is in the Greenfield Lakes Golf Course Community in Gilbert, AZ! Minutes from San Tan Village, offering great shopping, dining, Top Golf, and the unique Agritopia. This property features high ceilings, elegant flooring, and ceiling fans throughout. Enjoy a spacious, low-maintenance front yard with artificial grass and a generous backyard. The large eat-in kitchen, with a breakfast bar and open layout, is perfect for gatherings. The 3-car garage includes built-in cabinets and an additional laundry room. Stainless steel appliances, washer, and dryer are included. Located in the highly sought-after Gilbert School District, this home is near the community park playground.

22807 E Stacey Road Queen Creek, AZ 85142

$569,000
3 Beds
2 Baths
1,956 SqFt
Status Active
MLS # 6758518
Property Type Single Family Residence
Price Type --
This open concept layout offers 3 bedrooms, private study, 2 baths, ample storage with a spacious utility room and two car garage. Enjoy sought after selections hand-picked by our expert designers; 12-foot slider leading you to the extended covered patio, signature ''super shower'' with upgraded tile to the ceiling in owners retreat, gourmet kitchen, stainless steel appliances with built in gas range, two tone shaker cabinets complimented by quartz countertops, and stunning kitchen backsplash. This beautiful home is situated on a desirable South Back home site. 2X6 CONSTRUCTION; NEW HOME WARRANTY.

6065 E Red Bird Lane San Tan Valley, AZ 85140

$569,000
3 Beds
2 Baths
1,513 SqFt
Status Active Under Contract
MLS # 6745735
Property Type Single Family Residence
Price Type --
What a rare opportunity to own this beautiful ranch-style home nestled on a HUGE 1.1-acre lot! This fully fenced property offers 3 beds, 2 baths, RV gates, & a 2-car garage and driveway. Home exudes modern style with tons of natural light, neutral paint, & wood-look tile w/carpet in bedrooms. You'll LOVE the seamless design of an open layout, made bright & airy by vaulted ceilings! Main bedroom boasts a walk-in closet & an ensuite. Need space for relaxing? The front porch & back-covered patio await you! The expansive backyard also provides a dog run w/lush lawn. Bring your toys, RVs, horses, & other animals—this property has plenty of space! What a GEM! Lock this home in with our exclusive MTR Special Finance Program through our preferred lender. Reach out for more information.

13227 N 1st Place Phoenix, AZ 85022

$569,000
3 Beds
2 Baths
1,730 SqFt
Status Active Under Contract
MLS # 6768611
Property Type Single Family Residence
Price Type --
The perfect corner lot with amazing mountain views is now available! This beauty boasts desert landscaping, eye-catching stone accents, a 2-car garage, & a welcoming courtyard. Step through the double doors into a charming foyer that sets the tone for the rest of the home. The expansive living & dining area is highlighted by vaulted ceilings, elegant archways, plantation shutters, & custom-stained faux-finish concrete floors. A cozy fireplace adds warmth & ambiance to the space. The kitchen is equipped with white cabinetry, a breakfast bar, & a cozy breakfast nook, perfect for quick meals. Main bedroom features a private bathroom & a walk-in closet. The tranquil backyard comes with a grassy lawn, a refreshing pool, & a covered patio overlooking mountain vistas. Don't miss it!

20238 N Canyon Whisper Drive Surprise, AZ 85387

$569,000 - 3Br/2Ba -  for Sale in Sun City Grand Havasu, Surprise
New
$569,000
3 Beds
2 Baths
1,950 SqFt
Status Active
MLS # 6777755
Property Type Single Family Residence
Price Type --
If you want peace and quiet this is the home for you! Desired and Top Selling Borgata Model with NO neighbors in Front or Back! Sunny breakfast bay nook overlooks park like setting across the street adding to the overall appeal of this home. Large attractive front courtyard. 1950 sq ft, 3 bedrooms, 2 baths, split plan. Great room style home! EXTENDED garage! Large kitchen, maple cabinets, granite counter tops, stainless appliances, skylight, bay window, pantry. Owner's Suite has bay window. Large bath wt dual sinks, walk in closet. Laundry rm with cabinets. W/D Included. Enjoy gorgeous sunsets on the extended private patio with cozy fireplace, pergola, built in grill and cocktail bar. Media wall in great room, shutters on most windows, built ins at guest, coach lights, ceiling fans, Raised Panel Doors, Security Door, Coated Front Sidewalk, Courtyard, Extended Patio and Garage. Homes like this Seldom Come Available! COME JOIN THE FUN AT SUN CITY GRAND, AMERICA'S PREMIER ACTIVE ADULT COMMUNITY. FOUR GOLF COURSES, 22 PICKLEBALL COURTS, 11 TENNIS COURTS, TWO FITNESS CAMPUSES, BOCCE, LAWN BOWLING.

15016 W Monterey Way Goodyear, AZ 85395

$569,000
2 Beds
2 Baths
2,104 SqFt
Status Active
MLS # 6765917
Property Type Single Family Residence
Price Type --
THIS IS THE ONE! Light & bright Milano model on quiet N/S facing lot w/oversized golf cart garage & expanded covered patio -- perfect for all your entertaining needs. Primary Bedroom, Family Room, Guest Bedroom & Main Garage have ALL been EXTENDED 4-ft at build! Home is move-in ready w/refreshed white cabinetry, complete interior/ exterior painted (2024), & full new roof (2024). Additional updates include new carpet in bedrooms (2024), new light fixtures (2024), & new stainless appliances (2024). Home also features split bed floor plan for guest privacy, vaulted ceilings, intimate front courtyard, separate office/den, formal dining/living room or flex space & large laundry room w/view window. Add this one to your MUST SEE list & start enjoying the incredible PebbleCreek lifestyle today!

2185 W Mcdowell Boulevard Apache Junction, AZ 85120

$569,000
3 Beds
2 Baths
1,249 SqFt
Status Active
MLS # 6775782
Property Type Manufactured Home
Price Type --
Discover this beautifully updated 3-bdrm/2-bath home with breathtaking mountain & city views, situated next to preserved land for ultimate privacy. The home features a brand-new roof and modern appliances in a well-equipped kitchen, perfect for comfortable living & entertaining. Step outside to enjoy a spacious 52-ft covered patio, ideal for relaxing or hosting guests.For equestrian enthusiasts, the property includes 4 large covered stalls, each with its own turnout, a dedicated tack room, & covered hay storage. Additionally, a separate workshop, well house, tool shed, and ample covered storage space provide all the convenience and utility you need.This property combines luxury with practicality, offering a peaceful retreat while maintaining proximity to essential amenities.

11110 N 165th Avenue Surprise, AZ 85388

$569,000
3 Beds
2 Baths
2,180 SqFt
Status Active
MLS # 6771392
Property Type Single Family Residence
Price Type --
One of the best properties in Surprise with an opportunity to assume a low interest rate! With a huge chef's kitchen and open floor plan, this home is perfect for entertaining. This home will make you feel like you are on vacation all year. This home has no neighbors behind or to the east, making this home feel like it is the only home in the neighborhood. The backyard is a desert paradise with a luxury pool, an above ground spa and a built-in gas fire-pit. This home is move-in ready and offered turn-key.

711 E Mckinley Street Phoenix, AZ 85006

$569,000
3 Beds
2.5 Baths
1,038 SqFt
Status Active
MLS # 6685960
Property Type Single Family Residence
Price Type --
Opportunity knocks!! Own this beautifully well kept downtown bungalow style brick historic home with casita in the heart of the GARFIELD HISTORIC DISTRICT. This property is zoned R5 which allows more units to be constructed/professional office/restaurant opportunities/commercial applications & many other types of opportunities. You could live and work there. Location, Location, Location! This property is located next to everything Talking Stick Arena, Chase Field, downtown ASU, Roosevelt Art District, light rail, boutique restaurants, and other venues. This property has been nicely updated w/HARDWOOD FLOORS, REMODELED KITCHEN, A/C, ROOF AND TANKLESS WATER HEATER IN 2017. The casita in the back has a bathroom & could be rented. Don't miss this opportunity to own this piece of PHX history.

14410 N 42nd Place Phoenix, AZ 85032

$569,000
4 Beds
3 Baths
1,752 SqFt
Status Active
MLS # 6690022
Property Type Single Family Residence
Price Type --
Welcome to your dream family abode nestled in the heart of North Phoenix, Arizona! This charming single-level home boasts an array of desirable features designed to cater to your every need. Step inside to discover a spacious interior adorned with multiple living spaces, providing ample room for relaxation and entertainment. Whether you're hosting gatherings or enjoying quiet family evenings, there's a space for every occasion. The home's owned solar panels not only offer eco-friendly energy solutions but also ensure significant savings on utility bills, providing both environmental consciousness and economic efficiency. Outside, you'll find a delightful backyard oasis, perfect for soaking up the Arizona sunshine. Welcome home!

7825 W Rovey Avenue Glendale, AZ 85303

$569,000
4 Beds
2 Baths
2,694 SqFt
Status Active
MLS # 6731089
Property Type Single Family Residence
Price Type --
This Beautiful home located in Tessera's gated community features *4 Bathrooms *2 Baths, Formal Living Room with Dining Room *Family Room*Granite counter*Tile floors in all common areas*Extended 3 car garage*Additional 4th Garage conditioned as workshop or can be used to store extra toys.*Lots of space for entertainment for large family*Beautiful front landscape with mature trees*RV Gate *Pavers/concrete laid out for RV parking Front/back yard*Across from Community Park*

240 W Dorado Circle Litchfield Park, AZ 85340

$569,000
3 Beds
2.5 Baths
1,672 SqFt
Status Active
MLS # 6743546
Property Type Single Family Residence
Price Type --
Welcome to this beautifully remodeled 3-bedroom, 2.5-bath home in the highly sought-after neighborhood of Old Litchfield Park. This exceptional property offers NO HOA and is short-term rental friendly, making it an ideal choice for both homeowners and investors. The home features exquisite Spanish-inspired touches throughout, offering a unique blend of elegance and comfort. In 2024, the kitchen and bathrooms were fully remodeled with designer touches that elevate every space. The heart of the home is the spacious eat-in kitchen, perfect for family gatherings and entertaining. It boasts a walk-in pantry, a convenient pot-filler faucet over the stove, and ample space for all your culinary needs. Adjacent to the kitchen is a separate office, ideal for remote work or as a quiet study. The primary suite is a true retreat, featuring a remodeled bathroom with a large, luxurious shower that adds a touch of spa-like serenity. The living area is highlighted by a beautifully designed fireplace, creating a warm and inviting atmosphere. Step outside to discover two stunning new pergolas on both the front and back patios, perfect for outdoor dining and relaxation. The property also features a beautifully crafted designer side gate that enhances the home's curb appeal. The large diving pool offers a perfect oasis for relaxation and entertainment. This home has been maintained, with a newer flat roof, hot water heater, and pool pump all replaced in 2020, ensuring peace of mind for years to come. Located just a short walk from Stagg's Park, Litchfield's Lake, the Recreational Center, and the iconic Wigwam Resort, this home offers a perfect balance of luxury and convenience. Don't miss the opportunity to make this exceptional property your own!

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