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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12246 W Lonesome Trail Peoria, AZ 85383

$559,990

4 Beds

2.5 Baths

1,967 SqFt

Status Active

MLS # 6775929

Property Type Single Family Residence

Price Type --

MLS#6775929 February Completion! The Champlain in Mystic Discovery offers a stunning single-level design with 1,967 square feet of comfortable living space, including 4 bedrooms, a study, 2.5 baths, and a 2-car garage. Located in a master-planned community nestled in the scenic hills of North Peoria, this neighborhood features a resort-style amenity center complete with a heated pool, event lawn, covered outdoor play area, and inviting indoor-outdoor gathering spaces. The Champlain's Tuscan-inspired elevation adds instant curb appeal, while its thoughtfully selected interiors feature upgraded quartz countertops, 42'' recessed panel maple cabinetry, a custom kitchen backsplash, upgraded carpeting, and elegant matte black hardware.

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2855 E Quenton Street Mesa, AZ 85213

$559,990

3 Beds

3 Baths

1,973 SqFt

Status Active Under Contract

MLS # 6736496

Property Type Single Family Residence

Price Type --

Experience luxury with this single-level home in Lehi Crossing, Mesa. This 3-bedroom, 3-bath residence features two master suites and an open Great Room plan that seamlessly connects the kitchen, Great Room, and dining areas. Located in a well-maintained gated community, the home boasts a large curved kitchen island with granite countertops, a full-length covered patio, and a tandem 3-car garage. Fully paid-off solar panels enhance energy efficiency. The community offers serene open spaces, covered playgrounds, and half-court basketball courts, with easy access to downtown Tempe or Scottsdale via Red Mountain Freeway, Loop 202, and Loop 101 Freeway.

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263 S 165th Avenue Goodyear, AZ 85338

$559,990

4 Beds

3 Baths

2,229 SqFt

Status Active

MLS # 6767694

Property Type Single Family Residence

Price Type --

STOP THE CAR!!! It's the Crimson with 4 bedrooms + flex space, 3 bath. Multi slide door off the great room and leads out to the extended covered patio. Gas appliance package with stainless steel built in 30'' cooktop, wall oven, micro and glass canopy hood all for the cook in the family. Kitchen upgrades include Barnett maple Boulder cabinets with 42'' kitchen uppers, pull out trash drawer with two bins. AZT Hana Sky quartz countertops, EMS 3x6 tile backsplash, single bowl undermount sink. Flooring includes DT Broxburn Gray 6x24 plank tile in all areas of the home except bedrooms and closets. Soft water loop, dual sinks in bath 2. 8' tall garage door with two openers and so much more.

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25536 S 227th Street Queen Creek, AZ 85142

$559,990

3 Beds

2.5 Baths

2,224 SqFt

Status Active

MLS # 6716617

Property Type Single Family Residence

Price Type --

Crimson with 3 bedrooms + kids retreat area, 2 baths + powder bath, 12'x8' sliding glass door that leads out to the extended covered patio. Pavers at drive, walk and entry. Stainless steel gas appliance package with 30'' cooktop, wall oven and canopy hood. Sonoma Maple slate (gray) cabinets with 42'' kitchen uppers, pull out trash drawer. Himalaya white granite countertops in kitchen, enhanced kitchen island and owner's bath. Stainless steel undermount single bowl sink. Upgrade flooring includes EMS Baccarat 12x24 tile in all areas of the home except bedrooms/closets. Dual sinks at bath 2, soft water loop. Owner's bath has a drop in tub and tile shower surrounds and so much more. Estimated completion December.

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14244 W Banff Lane Surprise, AZ 85379

$559,990

5 Beds

3 Baths

3,675 SqFt

Status Active

MLS # 6737438

Property Type Single Family Residence

Price Type --

****PRICE IMPROVEMENT - $40,000 PRICE REDUCTION**** *Home also qualifies for up to $5k Lender credit to buy down rate or reduce buyers cash to close*. This Home is perfect for entertaining on its massive oversized corner lot, sparkling pool, huge great room & Kitchen area. Offering a generous sized owners suite with an enormous walk-in closet providing ample space for you and your partner. Oversized Loft leading to 3 additional bedrooms on the upper level. The 5th bedroom located on the first floor would be perfect as a mother-in-law suite or home office. All new Stainless steel Frigidaire Gallery appliances (not shown in pics). Large backyard with Sparkling pool, garden area with a Green house & Garden boxes. DO NOT MISS OUT on this AMAZING HOME

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14632 W Georgia Drive Surprise, AZ 85379

$559,990

4 Beds

2.5 Baths

2,908 SqFt

Status Active

MLS # 6744715

Property Type Single Family Residence

Price Type --

Take advantage of VA assumable loan at 2.75%. Welcome to your move in ready home with a Modern Barn style featuring an Open Floor plan, 4 Bedrooms, 2.5 Bath, Den/Office, Loft, Gourmet Kitchen with upgraded grey cabinets, Quartz countertops with glass tile backsplash & stainless-steel appliances, Walk in Pantry nestled next to a charming shiplap mudroom, large island opens to the Great Room complemented by elegant wainscotting wall with tile planks flooring, Master Suite with separate shower and soak in tub, walk in closet. Did I mention energy efficient with solar panels, RO system & water system, 3rd car garage! The extra-large patio slider welcomes you to an extended Patio cover. perfect for entertainment with a custom BBQ, large backyard! The community features resort style amenities including pool, clubhouse, fitness center, BBQ are and much more. Very close to the 303 & shopping center.

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31867 N 130th Avenue Peoria, AZ 85383

Open House

$559,990

4 Beds

2 Baths

2,054 SqFt

Status Active

MLS # 6649706

Property Type Single Family Residence

Price Type --

The Kendrick features a quaint, covered front porch ideal for welcoming guests. Walk through the spacious foyer and gallery hall to the grand open concept dining and great room ideal for hosting and entertaining. A centralized laundry room makes access easy from any room in the home. While a dedicated office is perfect for students and hybrid workers. A back covered patio perfect for taking in the surrounding Peoria mountains and Southwest landscape is the cherry on top! Located in the highly desirable Vistancia masterplan, resident will enjoy access to the 3.5 mile Discovery Trail, and two state of the art recreation centers.

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4323 W Lapenna Drive New River, AZ 85087

$559,947

4 Beds

3 Baths

3,097 SqFt

Status Active

MLS # 6726997

Property Type Single Family Residence

Price Type --

DESERT LIVING AT ITS BEST! 4BR/3BA PLUS LOFT HOME WITH 3,097 SF LIVING SPACE IN THE GORGEOUS COMMUNITY OF ANTHEM! GOURMET KITCHEN WITH GAS COOK TOP, DOUBLE OVENS, BREAKFAST BAR, STAINLESS STEEL APPLIANCES & PANTRY. LARGE PRIMARY SUITE WITH GENEROUS WALK-IN CLOSET, DOUBLE VANITY, GLASS SHOWER & SEPARATE SOAKING TUB. RELAXING STONE FIREPLACE IS PERFECT FOR THOSE CHILLY DESERT EVENINGS. OPEN FLOOR PLAN WITH LARGE OVER SIZED ROOMS INCLUDING UPSTAIRS LOFT THAT IS THE PERFECT BONUS ROOM. ENERGY EFFICIENT DUAL ZONE AC CONTROL. BEAUTIFULLY LANDSCAPED YARD WITH COVERED PATIO, BUILT-IN BBQ, TURF GRASS & RAISED PLANTERS MAKING THIS AREA THE PERFECT OUTDOOR RETREAT. GARAGE INCLUDES BUILT IN GARAGE CABINETS AND EXTRA STORAGE SPACE. THIS ONE WONT LAST!

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11028 E Quarry Avenue Mesa, AZ 85212

$559,900

4 Beds

3 Baths

2,080 SqFt

Status Active

MLS # 6732636

Property Type Single Family Residence

Price Type --

Move-in ready! Welcome to this charming residence featuring a spacious 3-car garage and RV gate in Highland Ridge. Discover an impressive interior offering gleaming wood-look floor, a soothing palette throughout, a formal dining area, and recessed lighting. The well-appointed kitchen showcases a plethora of wood cabinets, stainless steel appliances, granite counters, and a center island. The primary bedroom boasts a private bathroom equipped with dual sinks, a separate tub/shower, and a walk-in closet. You will find an oversized backyard, complete with covered/open patios, a built-in BBQ, and plenty of space for entertaining! What are you waiting for? Create new memories in this fantastic home!

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600 N Mariposa Drive Wickenburg, AZ 85390

$559,900

4 Beds

2 Baths

1,902 SqFt

Status Active

MLS # 6717080

Property Type Single Family Residence

Price Type --

Welcome to your new Territorial home! This remodeled home, located on ~2/3 acre corner lot offers a blend of Southwestern charm and modern convenience. Living room with panoramic views of Bradshaw Mtns to the north. Large living spaces bathed in natural light designed for both relaxation and entertainment. Beautiful and practical upgrades include custom travertine tile floors, custom (real) granite countertops, custom cabinets and totally remodeled master bath with Rohl fixtures. Kitchen boasts matching Frigidaire Gallery stainless steel appliances. For outdoor enthusiasts an RV shelter with water and electric hookups provides an ideal space to park your home on wheels or, if you prefer, your boat, motorcycles and/or ATVs. New window coverings include top of the line Hunter Douglas motorized blind, top down-bottom up front picture window shade and no-cord shades. Foam roof still under transferable warranty, new rain gutters with fun rain chains. Don't miss this opportunity to own a piece of old west Arizona! Relax in Wickenburg, the Most Western Town in Arizona, where it's easy to imagine yourself back in a slower paced time.

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1100 W 9th Street Tempe, AZ 85281

$559,900

3 Beds

2 Baths

1,588 SqFt

Status Active

MLS # 6766519

Property Type Single Family Residence

Price Type --

You'll love this spacious 3-bedroom, 2-bath home with a rare two-car garage, located in the heart of Tempe! It features modern updates throughout, including a beautifully upgraded kitchen with ceiling-height cabinetry, Quartz countertops, and stainless steel appliances. The primary suite offers a bonus space perfect for a home office or an extra room, plus a large Arizona room ideal for a second living area or game room. The home boasts energy-efficient windows, a brand new 2024 HVAC system, and stylish tile flooring in the main living areas. The large backyard includes a covered patio with elegant tile, a ceiling fan, and a refreshing diving pool to cool off in the Arizona heat. Whether you're looking for a primary residence or an investment property, this home is truly move-in ready! Just minutes from ASU, Whole Foods, Trader Joe's, and downtown Tempe's many amenities. Don't miss out on this one!

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7136 W Noble Prairie Way Florence, AZ 85132

$559,900

3 Beds

2.5 Baths

2,461 SqFt

Status Active

MLS # 6763419

Property Type Single Family Residence

Price Type --

STUNNING ENDEAVOR w/LUXURY UPGRADES! This 3-bed+den/2.5-bath home offers a perfect blend of style & function! Double slider opens to extended paver patio w/gas fireplace & lush landscaping next to Open Space! Plantation shutters,10' ceilings w/curved arches, beautiful entertainment center w/surround sound highlight the Great Room! Chef's kitchen inc. granite counters, tiled backsplash, stainless appliances, gas cooktop, butler's pantry & walk-in pantry. Primary suite has a bowed window, double vanities & makeup vanity, walk-in custom tiled shower & spacious closet. Split 2nd & 3rd bedrooms share Jack-&-Jill bath, Den w/French doors offers versatility! Additional perks: 2-CAR w/4' EXTENSION+CART garage w/storage, PREPAID SOLAR lease & TOWN OF FLORENCE BOND PAID IN FULL! **A MUST SEE HOME!

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