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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22663 E Rosa Road Queen Creek, AZ 85142

$565,000

4 Beds

3 Baths

2,165 SqFt

Status Active

MLS # 6722640

Property Type Single Family Residence

Price Type --

Charming home nestled in the lovely Spur Cross Community located on a corner lot next to a small green belt area. Don't miss this opportunity to have a home within a home! Gen Suite with separate exterior entrance, living area, kitchenette, bedroom and full bath. Home has additional 3 bedrooms, Great room, Kitchen Island, 42in upper Cabinets, Shutters throughout. Back yard includes covered patio, pavers and turf! Clean and move in ready!

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12947 W Fossil Drive Peoria, AZ 85383

$565,000

2 Beds

2 Baths

1,798 SqFt

Status Active

MLS # 6737283

Property Type Single Family Residence

Price Type --

$20,000 PRICE REDUCTION on this PRISTINE & PERFECT SIDUS Model home. Tile Flooring Throughout, No Carpet. Kitchen Boasts UPGRADED STAGGERED CABINETS, CROWN MOLDING, ROLL OUT SHELVES, UNDER CABINET LIGHTING, STAINLESS APPLIANCES & ENGINEERED STONE COUNTER TOPS, with TILE BACKSPLASH. Large Smart Room with an ABUNDANCE OF CABINETS for EXTRA STORAGE, W/D, 2 Desk Work Areas & LARGE PANTRY. Open Living area features WALL OF GLASS SLIDER that opens to Tiled & Paver Private Patio with a Raised Planter Bed for your Herb Garden or Flowers, & NEW Synthetic Grass. MURPHY BED in Den. Master BR w Bay window for Seating. Step into Master Bath w TILE SHOWER & DUAL VANITIES. This Lightly Lived Home Features Everything You Need, including Mature Landscaping for added PRIVACY & Extended Garage & MORE!

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656 Filaree Drive Prescott, AZ 86301

$565,000

3 Beds

3 Baths

2,431 SqFt

Status Active

MLS # 6739354

Property Type Single Family Residence

Price Type --

OWNER MAY CARRY! This 2,431 SF, 3-level home in Yavapai Hills offers stunning views and is situated in one of the most desirable areas in Prescott. **NEW ROOF just installed in August 2024** With thoughtful remodeling, this property can become your ideal home. It features 3 bedrooms, 3 bathrooms, a Loft, and a spacious great room with a gas fireplace, dining room, and large kitchen area for entertaining. You can enjoy nature from the multiple decks in a neighborhood known for its activities. The community offers plenty of walking and hiking paths, a clubhouse, tennis court, and a refreshing pool and spa. There's ample shopping nearby with stores like Sprouts, Trader Joe's, and Einstein's Bagels. And, it's less than a 15-minute drive to Historic Downtown Prescott and Whiskey Row.

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21667 S 225th Way Queen Creek, AZ 85142

$565,000

3 Beds

2 Baths

1,832 SqFt

Status Active

MLS # 6748269

Property Type Single Family Residence

Price Type --

Welcome to your energy-efficient dream home! This stunning 3-bedroom home with an office, separate tech center, and teen room features seller-owned solar installed in October 2021 for over $40k. Say goodbye to high summer electric bills without the hassle of a lease. Step inside to discover the modern elegance of wood plank tile flooring in the main living areas and baths, creating a warm and inviting ambiance throughout. The spacious great room and gourmet kitchen are seamlessly integrated, providing the perfect space for gatherings with friends and family. The kitchen boasts stainless steel appliances, granite countertops, and ample storage space. The master suite is a private oasis, complete with a luxurious ensuite bathroom featuring dual sinks, a soaking tub, , and a separate shower. Two additional bedrooms offer comfort and versatility, while the office and tech center provide ideal spaces for remote work or study. Outside, the beautifully landscaped backyard is a tranquil retreat, featuring synthetic grass for easy maintenance and a covered patio for outdoor dining and relaxation. A one-year inspection was recently performed, with any necessary repairs completed by the builder, ensuring peace of mind for the new owners. Why wait to build when you can move right into this almost new home? Don't miss out on this opportunity to own a home that is not only beautiful but also environmentally friendly and cost-effective. Come check this out today and make this energy-efficient oasis your own!

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16806 W Halifax Street Surprise, AZ 85374

$565,000

4 Beds

3.5 Baths

2,825 SqFt

Status Active

MLS # 6745049

Property Type Single Family Residence

Price Type --

Easily could be called a Second Gen-Hm because it has 2 Very Lg Split Master Bedrooms. 4 Bedroom 3.5 Bathroom Single Level 2825 sq ft Home. Gourmet 21'X13' Chef's Kitchen w-built in Double Ovens & Microwave, Corian Counters, Lg Kitchen Island, Additional Cabinets+Pantry. Spacious Great Room with Lg Windows Inviting the out doors inside. Formal Dining Rm & Eat-In-Kitchen Nook. Home has a Solar System+with loan assumtion of $206 a month. Duct Work Reworked. Newer Sun Screens provide for Hi-Efficiency Ratings. The Entertaining Lg Back Yd has an Extra Lg Patio. Oversized Lot with RV gates. Home is on a Corner Lot in a Cul-de-Sac. Beautiful Grassy Basket Ball Park at the end of the Cul-de-s

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9722 E Tungsten Drive Mesa, AZ 85212

$565,000

3 Beds

2 Baths

1,803 SqFt

Status Active

MLS # 6751256

Property Type Single Family Residence

Price Type --

This immaculate lightly lived Eastmark residence feels brand new and is packed with desirable upgrades. Featuring 3 bedrooms + a dedicated office, this home is perfect for modern living. Soaring 10-ft ceilings, wood-look tile flooring, and ample natural light create a bright and airy ambiance. The well appointed kitchen features KitchenAid stainless steel appliances, a gas range, and quartz countertops. It seamlessly flows into the spacious great room featuring an ample dining space and a living room complete with a view of the covered patio thru the builder installed sliding glass door. The large backyard is an oasis complete with green grass and a healthy ficus hedge providing privacy as well as many other lush plants including various young citrus trees This meticulously maintained home is truly move in ready with all appliances including a water softener staying. More than a neighborhood, Eastmark is a vibrant community. Eastmark isn't just about houses; it's about fostering genuine connections and nurturing community. Here, diverse residents actively shape a welcoming environment where neighbors become friends. Living in Eastmark means enjoying a resort-inspired lifestyle, including a luxurious pool, splash pads, numerous parks including the City of Mesa Great Park with a stocked fishing pond, farm-fresh fare at the Steadfast Farm, The Handlebar Diner, and The Mark, the state-of-the-art clubhouse with year-round events and family-friendly games

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11165 E Segura Avenue Mesa, AZ 85212

$565,000

5 Beds

3 Baths

2,566 SqFt

Status Active

MLS # 6753677

Property Type Single Family Residence

Price Type --

Back on the market and priced to sell. Beautiful 2 story home in the desirable community of Bella Via in Mesa with 2566 Square Feet of living space. Huge backyard to entertain family and friends. Stylish granite counter tops in kitchen with massive pantry, tile flooring, new paint in the interior of the home and new carpet upstairs in all the rooms. This amazing floor plan features 5 bedrooms and 3 baths. Located in Southeast Mesa Tech Corridor with major growth development. Community has multiple parks and nearby amphitheater! Close to shopping, restaurants and freeways. This home won't last!

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1095 N Old Chisholm Trail Dewey, AZ 86327

$565,000

4 Beds

2 Baths

1,734 SqFt

Status Active

MLS # 6763266

Property Type Single Family Residence

Price Type --

NEW CONSTRUCTION DUPLEX! This brand new duplex is a great primary residence or wonderful investment property as an amazing source of income. Each separate unit contains two spacious bedrooms with the most gorgeous mountain views and one full bath. Quartz countertops with a double vanity, with shower and tub. It boasts beautiful tile floors all throughout. The kitchen is equipped with brand new stainless steel appliances and beautiful quartz countertops. Big, spacious laundry room and one car garage for each unit. Each unit also contains separate way of entry. Don't wait, this beauty won't last long!

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15108 W Cooperstown Way Surprise, AZ 85374

$565,000

3 Beds

2 Baths

2,470 SqFt

Status Active

MLS # 6763749

Property Type Single Family Residence

Price Type --

An extended Hacienda Model offers 3 beds, 2 bath with both guest bedrooms split from the master bedroom and also extended at time of build so larger than the standard size. The extension also increased the size of laundry room, guest bath, and width of garage. Abundant kitchen counter space, dedicated office, wood floors in some rooms, and the most beautiful crown molding make this home elegant and a delight for entertaining. The extended patio with high-end grill and a waterfall is perfect for outdoor entertaining also. All of this located in The Grand where you have 4 golf courses, 2 restaurants, and all the other amenities and activities to keep you active year-round.

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6688 S Cartier Drive Gilbert, AZ 85298

$565,000

3 Beds

2 Baths

1,665 SqFt

Status Active

MLS # 6766756

Property Type Single Family Residence

Price Type --

This absolutely stunning home resides in the highly desirable community of Seville. Single level with 3 bedrooms/2 bathrooms plus office space. Located in a gated community, NS facing, corner lot with an amazing view of the golf course and San Tan Mountains. Kitchen has stainless steel appliances with granite counter tops. HVAC recently replaced and all new windows installed. Sprinkler system replaced and landscaping updated. Plantation shutters throughout. No carpet. Country club membership is available for golfing, pool, restaurant, tennis/pickle ball courts. Home is located in the award winning Chandler school district. Lots of dining and shopping nearby.

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4808 N 24th Street Unit 828 Phoenix, AZ 85016

$565,000

2 Beds

2 Baths

1,249 SqFt

Status Active

MLS # 6745724

Property Type Apartment

Price Type --

Magnificent South and SW facing corner residence. Enjoy mountain, city and garden terrace views from every room. One of the most popular floor plans in the building! Features include; upgraded wood vinyl flooring throughout, designer paint and accent lighting as well as a split bedroom floor plan for maximum privacy. Master offers ensuite bath, walk in closet and downtown views. Guest bedroom includes walk in closet and sitting/den area. Kitchen has beautiful, upgraded granite counters, bar seating, stainless steel appliances and stylish backsplash. A spacious living area leads to an outdoor covered balcony with garden planters. Perfect for enjoying nightly Phoenix sunsets. TWO prime side by side parking spaces and storage.

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7710 E Gainey Ranch Road Unit 206 Scottsdale, AZ 85258

$565,000

2 Beds

2 Baths

954 SqFt

Status Active

MLS # 6755867

Property Type Townhouse

Price Type --

* Highly Desired unit in The Courts at Gainey Ranch; Exclusive Guard-gated Community in Heart of Scottsdale * Sunset & Mountain Views from Great Room Picture Window & Balconies; Open Layout is Light & Bright Featuring Updated Kitchen, Baths, Lighting/Fans, Custom Shades, Security/Screen Doors, Trex-style Deck off Great Room, Fireplace, Large Laundry Room with Full Sized Washer/Dryer, Private Garage with Storage, Private Balconies * Amenities include Tennis, Pickleball, Renovated Estate Club w/ State of the art Fitness Center, Rec/Entertainment, Indoor/Outdoor Bar, Olympic-sized Heated Pool & Spa; Tree-lined Paths & Park, Additional Private Courts Community Heated Pool & Spa steps away * 24/7 Security, Perfect for your Lock & Leave Lifestyle * HOA covers almost everything * Don't miss it!

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