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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3305 E Mountain Vista Drive Phoenix, AZ 85048

$568,999

3 Beds

2 Baths

1,963 SqFt

Status Active

MLS # 6752617

Property Type Single Family Residence

Price Type --

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15221 N Clubgate Drive Unit 2125 Scottsdale, AZ 85254

$568,998

2 Beds

2 Baths

1,340 SqFt

Status Active

MLS # 6710994

Property Type Apartment

Price Type --

''HUGE PRICE DROP, TAKE ADVANTAGE OF THIS GREAT DEAL. INTEREST RATES ARE FALLING JUMP ON THIS ONE''. THIS UNIT HAS GREAT POTENTIAL. MAKE IT YOUR OWN. BEST PRICED UNIT IN THE COMPLEX. THIS TWO BEDROOM IS IN A GREAT GATED COMPLEX WITH EASY ACCESS TO KIERLAND COMMONS AND ALL IT HAS TO OFFER. WALK TO GOLF COURSE OR ENJOY A CASUAL DAY AT THE POOL. RESORT STYLE LIVING WITH EVERY AMENITY ONE COULD ASK FOR. MAKE THIS YOUR NEW HOME OR WINTER PARADISE. NEW REFRIGERATOR, WATER HEATER AND GARAGE DOOR OPENER.

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11938 W Parkway Lane Avondale, AZ 85323

$568,995

4 Beds

3 Baths

2,480 SqFt

Status Active

MLS # 6759753

Property Type Single Family Residence

Price Type --

Explore this dynamic Townsend home, ready for quick move-in! Included features: a covered front porch; a quiet study and convenient powder room off the entry; an expansive great room with center-meet patio doors; a gourmet kitchen showcasing 42'' cabinets, quartz countertops, stainless-steel appliances, a large island, a walk-in pantry and an adjacent nook; a formal dining room; an eye-catching primary suite offering additional windows, a walk-in closet and a private bath with double sinks; two secondary bedrooms; a shared hall bath; a convenient laundry and a welcoming covered patio. This home also boasts dramatic 10' ceilings, a tray ceiling at the entry, wood laminate flooring, cultured marble bath countertops, front yard landscaping and concrete pavers at the driveway and walkway.

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19026 W Stella Avenue Waddell, AZ 85355

$568,990

4 Beds

2.5 Baths

2,399 SqFt

Status Active

MLS # 6745705

Property Type Single Family Residence

Price Type --

The beautiful Irwin floorplan has a 3 car tandem garage, 4 bedrooms and two and a half bathrooms. 9' ceilings, wood plank style tile floorings throughout the home, 8' interior doors, gourmet kitchen package, kitchen tile backsplash and huge island makes this home the perfect spot to entertain! This home is built zero energy ready with spray foam insulation, 2 x 6 construction and 85% offset solar system included giving you a HERS rating in the single digits! This home gives you almost no energy bill and is ready now!

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3131 N Central Avenue Unit 3016 Phoenix, AZ 85012

$568,933

2 Beds

2 Baths

1,125 SqFt

Status Active

MLS # 6596296

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.

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25203 S Kansas Avenue Sun Lakes, AZ 85248

$568,500

4 Beds

3 Baths

2,021 SqFt

Status Active

MLS # 6767478

Property Type Single Family Residence

Price Type --

Beautiful 3bd/2 bath main house(1621sf) with a lovely **GUEST HOUSE**! (400sf) = 2021sf total living space! Guest house has a living room, full kitchen, large bath with shower and safety seat. Bedroom accommodates a twin bed, nightstand and dresser. Large closet. Main house has been extensively renovated. Kitchen has new cabinets and lovely quartzite countertops. Both baths have tiled showers and new vanities and toilets. Tile flooring throughout. Backyard has been landscaped with artificial grass and a large gazebo. Great place for a firepit and outside seating. All in the busy community of Sun Lakes for 55+. Loads of activities ,pools, club house with the Sunset Grill and library. This is a great multi-generational home.

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2522 N 11th Street Phoenix, AZ 85006

$568,495

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! Negotiable 2/1 buy down! Discover your dream home in the Coronado Historical District. This newly renovated gem features new windows, flooring, and tile throughout. The stunning kitchen boasts custom Euro-style cabinetry, quartz countertops, and new stainless steel appliances. Enjoy updated bathrooms and an enclosed laundry room with cabinetry and a built-in seating area, perfect for an artist studio or more. Open French doors for seamless indoor-outdoor entertaining in the courtyard. The home also offers a brand-new roof with a 10-year warranty, a new hot water heater, turf grass, and front-yard irrigation. Located on a quiet street, yet close to downtown, Roosevelt Row, and Phoenix Country Club. Modern comfort meets historic charm!

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8728 W Medlock Drive Glendale, AZ 85305

$568,000

3 Beds

3 Baths

1,970 SqFt

Status Active

MLS # 6750288

Property Type Single Family Residence

Price Type --

MLS#6750288 Ready Now! The Sapphire in Stonehaven Encore was thoughtfully designed, offering 3 bedrooms, 3 baths and study. A spacious kitchen with a large island opens to the gathering room and dining area, perfect for staying connected with family or entertaining friends! A private bedroom is near the foyer - ideal for overnight guests. Primary suite is privately located in back of the home with dual sinks, large shower and walk in closet. Structural options include: 10' x 8' sliding glass door, study in lieu of bath 4, super shower at primary suite, and soft water loop.

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12320 W Luxton Lane Avondale, AZ 85323

$568,000

4 Beds

3 Baths

2,272 SqFt

Status Active

MLS # 6678265

Property Type Single Family Residence

Price Type --

INCREDIBLE OPPORTUNITY to live close to it all in the West Valley. With 4 beds, 3.5 baths, flexible retreat area and 3 car side by side garage, this dream homes shines from the stunning curb appeal to the endless possibilities in the large north facing backyard. This bright and open plan boasts 10' flat ceilings, 8' doors and an expansive 16' sliding glass door to the extended outdoor patio. The gorgeous kitchen provides you the opportunity to shine as a chef with upgraded coconut shaker cabinets, quartz countertops, stainless GE appliances, pot filler, herringbone tiled backsplash and oversized center island. Energy-efficient, extensive new home warranty and excellent customer service...there is not time like TODAY. See you soon!

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4550 E Olney Avenue Gilbert, AZ 85234

$568,000

3 Beds

2 Baths

1,881 SqFt

Status Active

MLS # 6747316

Property Type Single Family Residence

Price Type --

I dare you to find something this clean! Immaculately maintained, this home offers exceptional privacy with no two-story neighbors on either side or behind, ensuring a secluded backyard. Inside, enjoy high-end features like plantation shutters throughout and luxurious quartz countertops in the kitchen—a must-see! In photos labeled front room currently being used as a sitting room could easily be formal dining, office or guest room as well. The property includes a spacious 3-car garage and gated extra parking, perfect for low-profile toys. Sellers have found their replacement home. Priced to sell quickly, this home won't last long! Agents please see the attached list of upgrades and repairs.

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12386 W Cassia Trail Peoria, AZ 85383

$568,000

4 Beds

3 Baths

2,374 SqFt

Status Active

MLS # 6752908

Property Type Single Family Residence

Price Type --

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20323 E Happy Road Queen Creek, AZ 85142

$568,000

3 Beds

2 Baths

2,080 SqFt

Status Active

MLS # 6754931

Property Type Manufactured Home

Price Type --

Spacious and bright 3-bedroom, 2-bathroom modular home on just over an acre of land in Queen Creek, AZ with large bedrooms, walk-in closets and large storage closets. Luxury vinyl plank (LVP) installed throughout entire house in 2019. New roof installed September 2021. Acre is perimeter and cross fenced and within riding and walking distance of Santan Mountain Regional Park. 16' x 32' galvanized steel 2-stall shed row for horses and huge paver patio for outdoor enjoyment yet property is minutes away from Equestrian Center, Fry's Grocery, Fat Cats, Caldwell County BBQ and more.

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