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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1936 Windsor Drive Sierra Vista, AZ 85635

$565,000
4 Beds
4 Baths
5,237 SqFt
Status Active Under Contract
MLS # 6690758
Property Type Single Family Residence
Price Type --
ASSUMABLE LOAN with a 3.875% interest rate. Step inside this 4 bedroom, 4 bathroom home you'll be greeted by an open floor plan. Filled with natural light, thanks to large windows that overlook the beautiful backyard. The kitchen features high-end appliances, ample counter space, and breakfast bar. This home offers luxurious amenities starting with the Venice pool as the centerpiece of the backyard inviting you to take a refreshing dip on hot summer days. Along with a built in BBQ. Looking for relaxation? you'll love the indoor spa area but that's not all! This home also boasts a sauna room, where you can rejuvenate after a long day. It's like having your own personal spa right at home. With its spacious bedrooms, wet bar, this home truly offers the perfect blend of style and comfort.

10629 N 9th Street Phoenix, AZ 85020

$565,000
3 Beds
2 Baths
1,608 SqFt
Status Active Under Contract
MLS # 6726836
Property Type Single Family Residence
Price Type --
''Welcome to Pointe Tapatio: A One-of-a-Kind Oasis in the Valley! This exceptional home & community offers a lifestyle you've always dreamed of. From the moment you step inside you'll feel ''This is IT''! Two skylights & newer dual pane windows provides an abundance of natural light. Plantation shutters throughout. This well-loved home's quality to all features & impeccable care is undeniable. The spacious kitchen layout provides room to cook up a feast. Great amount of counter space, quality appliances, large window above farmer's sink, crystal style light fixtures, pantry, newer cabinets completes it. Full elegancy & remodeled baths with quality taste in 2023. This home is polished to the nines! The layout of the home offers a bonus area which can be used for a game table. Breakfast room is large enough to place a 12 seating dining table. Live in Paradise in this lush low maintenace backyard! Sparkling 6' deep salt pool with five tranquil water features, which was remodeled in 2023. large built in planter, and flagstone deck. With an East facing serene backyard you'll enjoy dining out by the pool or an evening swim, mornings are perfect! The HOA includes 3 streaming channels, cable, water, 4 Pools, 2 Spas, club house, care to common areas, washes, street maintenance. Choose your daily walk challenges within the Community, flat or hilly. See map of nearby hiking trails in photos. Easy access to many great restaurants, shopping & just 20 minutes or less to the airport, downtown, Scottsdale and the Biltmore area. Many nearby amenities, great restaurants & shopping.

4551 W Geronimo Street Chandler, AZ 85226

$565,000
4 Beds
2 Baths
1,988 SqFt
Status Active Under Contract
MLS # 6727637
Property Type Single Family Residence
Price Type --
Prime location! Pool! Owned solar & pool solar! No HOA! Conveniently located in the highly sought after 85226 zip code of Chandler, you are sure to love this gem! Upon arrival you are greeted by beautiful desert landscaping & a 3 car garage for all your storage needs. Inside you will find vaulted ceilings, a neutral palette, & a cozy fireplace. The kitchen includes granite counters, recessed lighting, SS appliances, a pantry, & an island W/ breakfast bar. 1 of the 4 bedrooms is an optional den with french doors, a built-in desk, & spacious closet. The main bedroom offers direct backyard access, an ensuite with dual sinks, & a walk-in closet. The backyard is your own private refreshing oasis complete w/ large covered patio, spa, & sparkling pool w/ recently updated pool equipment.

4501 N 17th Drive Phoenix, AZ 85015

$565,000
4 Beds
3 Baths
1,627 SqFt
Status Active Under Contract
MLS # 6763643
Property Type Single Family Residence
Price Type --
Completely re-built in 2024. Everything is new, new plumbing above and below ground, all new electrical system (panel, wiring, everything), new roof, new roof framing, this home was rebuilt and customized in every way! Everything was done by a licensed contractor and with permits. Cul-de-sac lot that is just minutes away from the Midtown and Uptown neighborhoods! Wider hallways, 3 bathrooms, huge front patio perfect for morning coffee. Private rear sitting area right off of the newly added master suite. Inside laundry, lots of storage, oversized garage, an RV gate, separate master suite access if needed perfect for multi-generational households. Brand new A/C system, spray foam insulation too many upgrades to list!

11995 E Pivot Peak -- Gold Canyon, AZ 85118

$565,000
3 Beds
2.5 Baths
2,230 SqFt
Status Active
MLS # 6699719
Property Type Single Family Residence
Price Type --
3 car tandem garage w/ 8' door & lots of storage! 3 bed 2.5 bath energy efficient house in Master-planned community of Peralta in Gold Canyon. Immaculate w/ countless upgrades! Chef's kitchen features gas cooktop, maple cabinets w/ double roll-out shelves & soft-close drawers, granite counters, pendant lights & walk-in pantry. Every bedroom has walk-in closets w/ extra shelves. Upgrades include: 36'' vanities, fixtures, ceiling fans, tile throughout, extra storage area, dedicated laundry room, extended covered patio & more! Low maintenance yard w/ storage shed. Community parks, pickleball & basketball courts, covered picnic area w/ grill, corn hole, horseshoes, fire pits under twinkle lights, walking trails, children's play area. Peralta Trails Elementary School is in the community.

11 E Irene Street Pearce, AZ 85625

$565,000
3 Beds
2 Baths
2,384 SqFt
Status Active
MLS # 6743046
Property Type Single Family Residence
Price Type --
Approaching this beautiful, well maintained, Santa Fe style home sitting on 2.4 acres with fabulous views of the Dragoon Mountains, the first thing you will see are 18 pistachio tree. Entering the home you see a large great room from which you can walk out onto the covered patio with views of the Chiricahua Mountains. The large kitchen comes with granite countertops and an abundance of cabinet space. Step down into the main dining room featuring gorgeous Texas mesquite hardwood floors. The large main bedroom has an attached bath with walk in shower. This horse property includes a 48'x36' barn with 4 stalls, bathroom w/ shower and an additional 48'x12' of covered hay storage. The horse pasture is surrounded by electric fencing. Add to this a greenhouse with irrigation of sprinklers.

8844 E Charter Oak Drive Scottsdale, AZ 85260

$565,000
2 Beds
2 Baths
1,557 SqFt
Status Active
MLS # 6749595
Property Type Single Family Residence
Price Type --
The search for your new home ends here! Located in the highly sought after Pima Vista neighborhood of Scottsdale is a 2 bedroom + separate office, 2 bath, 1,557 sqft home that is priced to sell, ready for you to make it your own. The Kitchen has stainless steel appliances, living room features a charming wood burning fireplace, primary suite has a jacuzzi tub, and backyard has a covered patio with tall oleander bushes, making is feel more private. Neighborhood offers paths, greenbelts, tennis courts and a community pool. A+Schools! Don't hesitate. Put in an offer TODAY!

22443 E Munoz Street Queen Creek, AZ 85142

$565,000
3 Beds
2 Baths
2,301 SqFt
Status Active
MLS # 6731713
Property Type Single Family Residence
Price Type --
Welcome Home! Situated in the coveted Meridian neighborhood this property comes highly upgraded and professionally designed. Stunning laminate flooring throughout, marble kitchen backsplash, oversized island and new carpet freshly installed. All upgraded pendants and dining lighting is included, also pre-wired for surround sound. This is a 3 bedroom plus spacious office/playroom and 2 bath home. Front and back yard are connected to an automatic watering system for easy maintenance. Post tension slab included along with tankless water heater. Meridian offers lots of green spaces, parks and a luxury community pool.

6208 W Grandview Road Glendale, AZ 85306

$565,000
4 Beds
2.5 Baths
2,330 SqFt
Status Active
MLS # 6755708
Property Type Single Family Residence
Price Type --
Bring the family and the pets! Beautiful 4 bed, 2.5 bath, 2-car home in Glendale's Brandywyne community! Park like backyard with refinished pool, RV gate, fire pit and sitting areas. Bright and open with large bay windows front and back and tile flooring throughout! Kitchen features granite counter tops, stainless appliances and a walk in pantry. Large living areas with high ceilings, classic brick fireplace and access to covered patio and landscaped backyard with your own private pool with removable fencing! Primary bedroom located upstairs is complete with large tub, dual vanity, and walk-in closet! New A/C, upgraded electrical panel and upgraded insulation. recent hot water heater and energy efficient solar panels with a very affordable lease... Yes... You can afford to crank that AC!

1723 E Windsong Drive Phoenix, AZ 85048

$565,000
4 Beds
2.5 Baths
2,080 SqFt
Status Active
MLS # 6736870
Property Type Single Family Residence
Price Type --
This two story 4-bed, 2.5-bath home is located in the Ahwatukee Foothills. The prime location offers an idyllic backdrop for relaxation and leisure. The fresh interior, high ceilings, ample windows create an airy and bright feel. Enjoy the comfort of the backyard with the built-in pool. Noteworthy enhancements done in 2024 include new roof, water heater, stove, showers and vanities in both bathrooms, pool resurfacing, carpet, quartz countertops, interior paint, blinds, fixtures, and landscaping. Situated within the esteemed Kyrene School District, renowned for its exceptional educational opportunities, and in close proximity to The Foothills Golf Club, this property offers access to top-tier amenities and recreation, catering to a lifestyle of sophistication and convenience.

10535 W Country Club Trail Peoria, AZ 85383

$565,000
4 Beds
2.5 Baths
2,660 SqFt
Status Active
MLS # 6743955
Property Type Single Family Residence
Price Type --
OVER A 1/4 ACRE LOT! NO HOA! NEW 50 YEAR METAL ROOF! ALL NEW WINDOWS! RV GATE, RV PARKING, RV HOOKUPS! ELECTRICAL VEHICLE CHARGING HOOKUP! ARTIFICIAL TURF! NEW EXTERIOR PAINT! Gorgeous two-story home in Peoria! This home has a desirable open floor plan with natural light and tile flooring. Well-appointed kitchen offers SS appliances, recessed & pendant lighting, ample white cabinets with crown moulding, a walk-in pantry, mosaic tile backsplash, a center island, and solid surface counters. In the main bedroom there is a private ensuite with dual sinks, and a walk-in closet. Upstairs, loft is ideal for an office or additional lounging area. Out back, the home has a covered patio, gazebo, above ground spa, and a detached workshop with power and AC! Gas heating & LIBERTY HIGH SCHOOL ZONING!

16472 W Shangri La Road Surprise, AZ 85388

$565,000
3 Beds
2 Baths
2,348 SqFt
Status Active Under Contract
MLS # 6765097
Property Type Single Family Residence
Price Type --
This stunning 3-bedroom, 2-bathroom home is perfectly situated near shopping and entertainment centers, making it an ideal primary residence or investment property. With a den and great room, this home offers a spacious floor plan for your comfort. Currently operating as an Airbnb, the furniture is available by separate bill of sale. The split primary bedroom features a full ensuite bathroom, while the interior is filled with natural light from large Dual Pane Low-E windows. The kitchen boasts a walk-in pantry, granite countertops, a breakfast bar, and plenty of cabinet space. Step through the sliding glass door to a covered patio that overlooks a beautifully landscaped backyard with a heated pool and an above-ground heated spa - perfect for year-round relaxation!

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