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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17780 W Canto Bonito Lane Surprise, AZ 85387

$550,000

2 Beds

2 Baths

2,019 SqFt

Status Active

MLS # 6721721

Property Type Single Family Residence

Price Type --

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18001 N 46th Drive Glendale, AZ 85308

$550,000

4 Beds

2.5 Baths

2,620 SqFt

Status Active

MLS # 6751622

Property Type Single Family Residence

Price Type --

Come see this beautiful 4bed / 2.5 bath home located in the Belair neighborhood on the golf course! Take in the beautiful scenery in your own private pool - You've gotta see this one!

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14634 W Wethersfield Road Surprise, AZ 85379

$550,000

4 Beds

3 Baths

2,298 SqFt

Status Active

MLS # 6725415

Property Type Single Family Residence

Price Type --

This gem will surely impress you! Beautiful 4-bedroom property adorned with stone accents, a 2-car garage, and a welcoming front porch is the one! Inviting hallway ushers you to the captivating open layout, featuring tall ceilings, plantation shutters, a trending palette, and stylish tile flooring. The immaculately designed kitchen is fully equipped with an electric cooktop, double wall ovens, and a pantry. Sleek quartz counters, tile backsplash, white shaker cabinetry with crown molding, and an island with a breakfast bar elevate the space. French doors open to the sizable den! Primary retreat has plush carpeting, a private bathroom, and a walk-in closet. The home's elegance extends outdoors to the backyard with a covered patio, artificial turf, and a gazebo. Hurry! Don't miss out!

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2944 N Meadow Lane Avondale, AZ 85392

$550,000

5 Beds

3.5 Baths

3,630 SqFt

Status Active

MLS # 6741750

Property Type Single Family Residence

Price Type --

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2939 W Plum Hollow Drive Anthem, AZ 85086

$550,000

3 Beds

3 Baths

1,957 SqFt

Status Active

MLS # 6738833

Property Type Single Family Residence

Price Type --

Nestled in the guarded and private Anthem Country Club, this lovely 3 bedroom and 3 bath home features a 216 sq. ft. Casita and a 1,741 sq. ft. main house with two bedrooms plus a den. The secondary bathroom boasts an upgraded shower, while the primary suite offers double sinks, a separate tub and shower, and a walk-in closet. Hardwood floors adorn the bedrooms and den, and ceiling fans are installed throughout. The kitchen is equipped with stainless appliances, including a gas range and microwave, and skylights brighten both the master bedroom and kitchen. Additional amenities include a laundry room with gas and electric hookups, a two-car garage, and a low-maintenance backyard with no rear neighbors, making it an easy lock-and-leave property. See more info about the community... Residents of Anthem Country Club enjoy a luxurious lifestyle with resort-style amenities. Professionally managed by Club Corp, members get reciprocal privileges around the world. The club features two 18-hole golf courses (Golf membership not included) and two member restaurants. Fitness enthusiasts will appreciate the two state-of-the-art gyms, two pools, two spas, and several tennis courts. All surrounded by stunning mountain and golf course views. This guarded community offers an unbeatable combination of location and luxury, making it a must-see for those seeking a an elevated lifestyle.

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2045 E Orange Street Tempe, AZ 85281

$550,000

6 Beds

2 Baths

1,752 SqFt

Status Active

MLS # 6730083

Property Type Single Family Residence

Price Type --

Welcome to this beautifully renovated home, boasting a brand new facade with fresh exterior paint that exudes curb appeal. Step inside to discover a large open living space, freshly painted interiors and new flooring, creating an inviting atmosphere throughout. The kitchen showcases sleek quartz countertops, new appliances including a refrigerator and electric stove. Retreat to updated bathrooms boasting new vanities, and updated shower tiling completing the luxurious feel of this home. Step into the backyard ready for limitless possibilities and an RV gate! No HOA to tell you what you can or cannot do with your home! This residence epitomizes turnkey living at its finest, come see it for yourself !

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26264 N 43rd Place Phoenix, AZ 85050

$550,000

3 Beds

2 Baths

1,508 SqFt

Status Active

MLS # 6733415

Property Type Single Family Residence

Price Type --

NEW PRICE! Lowest in Tatum Highlands, WITH a pool included! NEW ROOF being installed and has already been bid. Come see this recently updated home in desirable Tatum Highlands. Backing to natural wash area for added privacy and quiet, this home has a sparkling pool for those hot Summer days! 3 well sized bedrooms with new carpet plus an additional den space make this home feel larger than it is. Vaulted ceilings welcome you into the home with a gas burner fireplace and open concept floor plan. Dining area leads into the well appointed kitchen with brand new appliances just installed for new owner. New paint, carpet, lighting and more are all finished. Come see this home today!

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1431 E Wood Street Phoenix, AZ 85040

$550,000

5 Beds

4 Baths

2,136 SqFt

Status Active

MLS # 6738358

Property Type Single Family Residence

Price Type --

PRICED REDUCED TO SELL. Beautifully remodeled property with R-4 multi family residential zoning on HUGE 19,996 sq ft LOT - Endless Potential! Offering immense flexibility, this property is perfect for investors or developers looking to maximize their return, with the potential to build multiple units or houses. Modern upgrades and high- quality finishes throughout the main house. Don't miss this rare opportunity to own a versatile property with significant development potential here in Phoenix.

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2522 N 11th Street Phoenix, AZ 85006

$550,000

3 Beds

2 Baths

1,111 SqFt

Status Active

MLS # 6742322

Property Type Single Family Residence

Price Type --

MOTIVATED SELLERS!!! 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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14867 W Windsor Avenue Goodyear, AZ 85395

$550,000

4 Beds

3 Baths

3,098 SqFt

Status Active

MLS # 6744603

Property Type Single Family Residence

Price Type --

Get ready to fall in love with this spacious 4-bedroom home boasting 3 full baths, a versatile loft (easily convertible to a 5th bedroom), and a 3-car garage. Nestled in the beautiful Rio Paseo Community in Goodyear. This gem is right in the heart of an entertainment district, surrounded by fantastic restaurants, a theatre, shopping hotspots, walk/bike paths, waterfall pond, parks, and top-notch schools. Step inside to discover a formal living and dining area, a large open kitchen featuring a breakfast bar, granite countertops, and stainless steel appliances (including a refrigerator). Downstairs you'll find a convenient bedroom with a full bath. Home is complemented by stylish touches such as stone decor on the kitchen island, a single bowl kitchen sink, new blinds and laundry room with built-in cabinets. Upstairs, you'll be greeted by 3 generously sized bedrooms, including an expansive retreat with double doors, a remodeled ensuite with a separate soaker tub and a spacious walk-in shower, double sinks, and a large walk-in closet. The backyard offers a full-length covered patio, providing ample space for your creative vision. Not to mention, several upgrades have been made between 2022 and 2023, including partial roof replacement, new flooring, water heater, water softener, AC units, upgraded kitchen, and remodeled bathrooms. Conveniently located near the I-10 and Loop 303 Freeways. This home is move-in ready and waiting for you to make it your own!

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19314 S 208th Place Queen Creek, AZ 85142

$550,000

3 Beds

2.5 Baths

2,185 SqFt

Status Active

MLS # 6751638

Property Type Single Family Residence

Price Type --

New $11,000 PRICE IMPROVEMENT! Welcome to this beautiful & immaculate Gateway Quarter home. Attractive paver driveway, and charming covered front porch with perfect view of landscaped walking trails across the street. Inside a den/office could be 4th bedroom, and the very open great room & kitchen are perfect for Gatherings of loved ones. Recessed lighting, and durable tile flooring. Gorgeous kitchen w/ crown molding on cabinets, granite countertops, stainless steel appliances,gas cook top, a walk-in pantry, and an island with a breakfast bar for casual dining. The main bedroom offers soft carpeting, an en suite with dual sinks, and an enormous walk-in closet. Low maintenance backyard showcases a large covered patio, artificial turf, gravel and Perfect location, Just blocks away from Costco, Aldi, Target, so many restaurants, and a huge tranquil nursery to stroll through.

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501 W Jasper Drive Chandler, AZ 85225

$550,000

4 Beds

2 Baths

1,961 SqFt

Status Active

MLS # 6745933

Property Type Single Family Residence

Price Type --

***PRICED BELOW COMPS!*** Walk into instant equity in this unassuming gem in Chandler! Motivated Seller. NO HOA!! A great property with HUGE potential! This 4bdrm/2bth home on a large corner lot insulated in highly sought-after neighborhood of Thunderbird Estates in Northern Chandler. Down the street from Knox Gifted Academy (Ranked #1 AZ Public School) and Apache Park (Basketball, Tennis, Racquetball and playground). Home was remodeled in 2019 and included new roof and a/c. There is room for an addition or guest house in the backyard! The interior has all modern finishes. This home's exterior and landscaping is essentially a blank slate, just waiting for a new owner to make it their own! *Perfect for a light-flip or DIY homeowner! PROPERTY FEATURES: a LARGE, gated, pull-through RV pad.

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