Mortgage Interest Rates Went Up Again… Should I Wait to Buy?

Mortgage interest rates, as reported by Freddie Mac, have increased over the last several weeks. Freddie Mac, along with Fannie Mae, the Mortgage Bankers Association and the National Association of Realtors, is calling for mortgage rates to continue to rise over the next four quarters.

This has caused some purchasers to lament the fact they may no longer be able to get a rate below 4%. However, we must realize that current rates are still at historic lows.

Here is a chart showing the average mortgage interest rate over the last several decades.

Mortgage Interest Rates Went Up Again… Should I Wait to Buy? | Simplifying The Market

Bottom Line

Though you may have missed getting the lowest mortgage rate ever offered, you can still get a better interest rate than your older brother or sister did ten years ago, a lower rate than your parents did twenty years ago, and a better rate than your grandparents did forty years ago.  If the time is right for you to become a home owner, I’d appreciate the opportunity to assist – J.P. Cook – 602-320-4253.

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13023 N 68th Street Scottsdale, AZ 85254

$3,350,000
5 Beds
5.5 Baths
5,071 SqFt
Status Active
MLS # 6752069
Property Type Single Family Residence
Price Type --
Unique opportunity to unlock the advantages of buying an in-progress home built by Thomas James Homes. When purchasing this home, you will benefit from preferred pricing, design personalization, a guaranteed delivery, and more. Estimated home completion Spring 2025. Great address, great schools! Sitting in the highly desirable Sweetwater Corridor in Central Scottsdale, this beautiful 5 bedroom, 5.5 bathroom modern farmhouse is the definition of exceptional design. Wide plank wood flooring, decorative ceiling and wall treatments, including beams and wood paneling, impressive custom lighting, outstanding millwork, stone and tile accents, a gorgeous floor to ceiling fireplace, shaker cabinetry and a 4-car garage are just a sampling of the outstanding finishes going into the home. The large single story open concept floorplan is expertly crafted for modern living with a large interior courtyard leading to the home's entrance. Inside you'll find a large great room and luxury kitchen joined by a large quartz countertop island. The grand suite hosts a large his and hers walk-in closet and a spa like bathroom with a freestanding soaking tub and walk-in shower. The secondary bedrooms throughout the home have en-suite bathrooms. In addition to the bedrooms, you'll find ample added living space with a private office, gym and a kitchen prep area adjoining the dining room and a bonus room. Home will feature fully landscaped front and back yards, providing great Arizona outdoor living space. This home is minutes from dining, shopping and more.

9068 E Rimrock Drive Scottsdale, AZ 85255

$3,349,900
4 Beds
4 Baths
3,352 SqFt
Status Active
MLS # 6752751
Property Type Single Family Residence
Price Type --
This modern luxury estate is the result of a two-year like new, complete remodel on a 1.5-acre view lot! Future expansion survey and drawings offer an incredible opportunity to double the size of this home. The stunning new design created a fabulous, open great room featuring a modern see-through gas fireplace and a gourmet chef's kitchen boasting all new Viking appliances, custom cabinetry, quartz countertops, and an oversized island with bar seating. The split primary suite is the ultimate retreat featuring an expanded shower, a new tub, and custom walk-in closet. Two bedrooms are ensuite and a full bath was added across from the third bed. The backyard oasis features a brand-new heated pool, spa, white travertine, artificial grass, mature trees and picturesque McDowell mountain views!

4302 E Marion Way Phoenix, AZ 85018

$3,325,000
5 Beds
4.5 Baths
3,698 SqFt
Status Active
MLS # 6768404
Property Type Single Family Residence
Price Type --
Beautiful NEW modern-style home by Thomas James Homes located in MARION ESTATES! This home has 5 bedrooms, 4.5 baths and an estimated completion date of Summer 2025. Featuring a 3 car garage, attached Casita, beautiful pool and landscaped front and backyards which when combined with the professionally designed interior will make this home spectacular. Spend time in the formal dining room, snuggle up in the spacious great room with the gas fireplace on or open the stacking doors to the patio and let in some fresh air. Chef-inspired kitchen has a large island with bar seating, nook, and walk-in pantry. Beyond the kitchen sits a large bonus room connected to a second covered patio. The grand suite is spacious with a grand bath, freestanding tub, a walk-in shower, dual vanities, and an amazing walk-in closet. Hopi and Arcadia High School district and within walking distance to Global Ambassador and Phoenix Country Day!

8867 N 63rd Place Paradise Valley, AZ 85253

$3,325,000 - 4Br/4Ba -  for Sale in Camelback Country Estates Unit 5, Paradise Valley
Open House
$3,325,000
4 Beds
4 Baths
6,298 SqFt
Status Active
MLS # 6702331
Property Type Single Family Residence
Price Type --
Fabulous location in Paradise Valley! Great floor plan with primary suite downstairs and 3 split secondary bedrooms, Primary suite has a bonus room for additional closet, nursery, office or studio. Upstairs is a large bonus room for media, playroom, office or hang out room. Spacious main living space has a stunning kitchen with dining and large family room area. Outside is a haven for entertaining with both gas and wood grills, dining gazebo, pool with waterfall, hot tub, bocce ball court, horseshoes and a great play area. Five car garage is split into 3 attached at the main house and an additional detached 2 car garage. Make this home yours!

Forest Road 193 Street Flagstaff, AZ 86001

$3,300,000
5 Beds
3 Baths
1,748 SqFt
Status Active
MLS # 6706061
Property Type Single Family Residence
Price Type --
NEVER BEFORE LISTED. EXPERIENCE THIS 43-ACRE LEGACY PROPERTY BORDERED BY THE NATIONAL FOREST ON THREE SIDES. THIS PROPERTY OFFERS THE VERY BEST VIEWS FLAGSTAFF HAS TO OFFER, AS WELL AS THE IDEAL TOPOGRAPHY FOR A RANCH OR LARGE FAMILY COMPOUND WITH TONS OF FLAT MEADOWS. EXISTING STRUCTURES INCLUDE A NICE 5 BEDROOM 3 BATH HOME AND CHAPEL. THE PROPERTY HAS A WELL, 3000 GALLON FRESH WATER STORAGE TANK, NEW SOLAR POWER SYSTEM, AND SO MUCH MORE. CALL TODAY FOR MORE INFORMATION.

8575 E Sharon Drive Scottsdale, AZ 85260

$3,300,000
4 Beds
4.5 Baths
4,299 SqFt
Status Active
MLS # 6771956
Property Type Single Family Residence
Price Type --
Step into this desert escape with mountain views positioned on a corner lot with a large circular drive. This split open floor plan features 4+ bedrooms, 4.5 baths. As you walk in you are welcomed by vaulted ceilings and picturesque views of the resort-style backyard. Large designer kitchen featuring walk in pantry opens to the family room which is great for all to gather. Spectacular outdoor spaces including sport court, putting green, pool and hot tub cater to all ages. Seller spared no expense including new air conditioning units and solar panels.

10723 E Tamarisk Way Scottsdale, AZ 85262

$3,300,000
3 Beds
4 Baths
3,452 SqFt
Status Active Under Contract
MLS # 6761453
Property Type Single Family Residence
Price Type --
Enjoy magnificent views from this premier lot in the desirable community of Cochise Ridge. The southern outdoor living area is ideally oriented to enjoy panoramic sights of Cochise golf course, mountains, sunsets, and city lights. This property has been thoroughly reimagined under the watchful eyes of designer Laura Weaver and Zobec Construction. The interior layout was redefined to embrace today's lifestyle. Enjoy a large gourmet kitchen with Wolf/Sub Zero appliances centrally located to entertain your guests. The three bedroom redesign also features a home office and a coffee/wine room as additional living spaces. There are two primary suites in the main house and a separate guest casita. Also featuring a fully renovated pool and spa. Rare upgradable DM Lifestyle Membership available.

27974 N 96th Place Scottsdale, AZ 85262

$3,300,000
4 Beds
3.5 Baths
3,948 SqFt
Status Active
MLS # 6711953
Property Type Single Family Residence
Price Type --
ESTANCIA GOLF MEMBERSHIP AVAILABLE SUBJECT TO BOARD APPROVAL. Single-level home on a 1.3 acre lot with south-facing views of Pinnacle Peak from the great room and master bedroom. This custom home has an open floor plan with large kitchen that flows seamlessly to the living and dining areas. Interior features include stone flooring, wood-beamed ceilings, custom cabinetry, stainless steel kitchen appliances, stone fireplace surrounds, 700-bottle wine room & adjacent wet bar. Exterior living area offers a large covered patio with TV area, gas fireplace, heated spa, built-in BBQ station, many mature citrus trees, and a rooftop deck plumbed for a bar with stunning panoramic views. Large solar panel system is owned. Oversized 3-car garage includes an electric vehicle charger. With all the features, views and Golf Membership... this home will sell fast!

10422 E Mark Lane Scottsdale, AZ 85262

$3,300,000 - 3Br/4Ba -  for Sale in Pinnacle Canyon At Troon North Unit 1, Scottsdale
Open House
$3,300,000
3 Beds
3.5 Baths
4,133 SqFt
Status Active
MLS # 6769672
Property Type Single Family Residence
Price Type --
This stunningly remodeled Golf Course view property in gated Pinnacle Canyon, Troon North, offers an unparalleled living experience. Situated on the 10th hole of the prestigious Monument Golf Course, the home enjoys lush green views framed by breathtaking natural landmarks such as Stonedge Boulders, Goldie Brown Butte, Cindercone Mountain, the Continental Mountains, and Skull Mesa to the north. City lights and sunsets to the west, coupled with a perfect view of Pinnacle Peak from the front entry, complete the picturesque setting. Remodeled to perfection in 2022 by a renowned luxury builder, this home seamlessly blends modern elegance with functionality. The kitchen, a chef's dream, has been thoughtfully redesigned to optimize space and style. It features top-of-the-line appliances, including separate Subzero refrigerator, freezer, and wine cooler units, alongside a Wolf 6-burner gas range with griddle, double convection ovens, microwave, and a Cove dishwasher. A 72 custom zinc range hood serves as the focal point, perfectly complemented by the oversized Quartzite Odyssey Stone island with a Fire Clay sink, ideal for both meal prep and casual dining. The Great Room welcomes guests through custom iron doors and features dramatic 14-foot ceilings and telescoping sliding glass doors that disappear to create a seamless indoor-outdoor living experience. The fireplace, a centerpiece of the room, has been enhanced with 97 of imported 18x36 tile, adding a touch of sophistication. Adjacent to the Great Room, the large dining area and an inviting piano or conversation nook near the entry create a warm and welcoming ambiance. The spacious Primary Suite offers 12-foot ceilings, a cozy sitting area with expansive mountain views, and sliding glass doors leading to the pool and spa area. The luxurious Primary Bathroom is adorned with 18x36 stone flooring, a large walk-in shower with rain head and hand-held sprayer, floor-to-ceiling stone finishes, natural stone counters, and cantilevered cabinetry. A stand-alone stone bathtub, designer fixtures, custom lighting, and 8-foot arched solid wood doors complete the space. The Primary closet provides ample storage with extensive wardrobe cabinetry featuring seeded glass inserts and room for additional seating. The office, located off a recessed entryway, is framed by custom iron doors and features a double soffit ceiling with modern recessed lighting, making it both functional and elegant. Each of the secondary bedroom ensuites boast walk-in showers with designer tile and fixtures, and lighted mirrors. The powder room makes a statement with bold custom wall coverings, stone counters, a cantilevered cabinet, a stone bowl sink, and a designer toilet, offering a unique and stylish touch. The utility room, strategically located with dual access from both the Primary Closet and the main hallway, maximizes convenience and functionality. The home's front elevation has been transformed into a sleek contemporary façade, enhanced by professionally designed landscaping featuring specimen saguaros and custom lighting. The expansive front patio is the perfect spot to take in the Pinnacle Peak views and greet guests. The oversized three-car garage, accessible through three separate bay doors, offers ample space and complements the clean, modern exterior design. This meticulously remodeled property in Troon North is the epitome of luxury living, combining contemporary finishes with outstanding natural views and an ideal open floor plan.

5919 N 45th Street Phoenix, AZ 85018

$3,300,000 - 4Br/3Ba -  for Sale in Heritage Hills, Phoenix
Open House
$3,300,000
4 Beds
2.5 Baths
3,188 SqFt
Status Active
MLS # 6771532
Property Type Single Family Residence
Price Type --
Welcome Home! Stunning Arcadia Gem with Breathtaking Camelback Mountain Views. Beautifully remodeled, raised ceilings, accordion backdoor, raised patio ceiling 3ft,, travertine pool decking, two islands, and even a sauna in the master shower.This charming and luxurious Arcadia gem nestled in the Camelback Canyon Estates neighborhood offers the perfect blend of modern upgrades and classic design. Featuring a split floor plan with 4 bedrooms and 2.5 bathrooms. Set in the heart of Arcadia proper on a peaceful cul-de-sac, the home boasts breathtaking views of Camelback Mountain and the iconic Praying Monk. Step inside and enjoy the warmth of brand new flooring, open floor plan. The family room features a dual-functioning fireplace, capable of gas or wood, providing a cozy ambiance. features a newly installed Lutron lighting system that enhances the home's modern sophistication, allowing for seamless control of lighting both indoors and outdoors. This system not only provides convenience but also creates the perfect ambiance throughout the home, adding to its luxurious appeal. The entire system can control lights, tv, fans, and shades, all from the touch of a button. The separate living room offers formal dining and a seating area with awe-inspiring views of the lush backyard and glimpses of Camelback, ideal for morning coffee. The airy kitchen is a dream, with accordion windowed doors to the outside,allowing natural light to fill the space. It boasts granite countertops, custom tile backsplash, soft-closing drawers, and new Thermador appliances. Large dual islands provide enough space for the whole family. The expansive primary en-suite awaits, easily accommodating bedroom furniture plus a sitting area or office. The en-suite bathroom is adorned with dual vanity sinks, free standing tub, and separate toilet closet, and adorned with a large shower sauna and faucet system. The impressive walk-in closet features custom shelving, drawers, and a large island, offering ample storage for clothing and accessories. A standout feature of this home is the backyard oasis, situated on over a quarter-acre lot. The large covered patio is equipped with recessed lighting and ceiling fans, while the saltwater pool boasts a Pebble Tec finish. The spacious yard also offers RV parking and room to build a guest casita if desired. This home is in the perfect spot, close to some of the best places in the area. You've got Global Ambassador right nearby for a luxurious stay or dining experience, and Steak 44 if you're craving an upscale steak dinner. For something a little more casual but just as delicious, The Henry is a great option. If you need groceries, AJ's Fine Foods is just around the corner, offering gourmet selections. For fitness and wellness, you can head to The Village Health Club. And if you love hiking or outdoor activities, the Echo Canyon Trailhead on Camelback Mountain is practically at your doorstep!

2751 E Pelican Court Gilbert, AZ 85297

$3,299,000
5 Beds
4.5 Baths
5,045 SqFt
Status Active
MLS # 6745579
Property Type Single Family Residence
Price Type --
Nestled in the prestigious Whitewing at Germann Estates, one of the valley's most exclusive neighborhoods, this award-winning Toll Brothers model home is ready to welcome its new owners! This exceptional residence showcases every imaginable upgrade, seamlessly blending modern architecture with a bright open concept. The interior features a perfect mix of rich, warm wood finishes, with sleek, elegant design and is equipped with entire smart home control system. Outside, the property boasts a stunning zero-edge pool with a Baja shelf and waterfall, a splash pad and in-ground trampoline, an outdoor kitchen and entertainment area, multiple fire pits and water features, and a separate guest quarters with full bath. Come experience a lifestyle you'll love - this home won't last long

37200 N Cave Creek Road Unit 1061 Scottsdale, AZ 85262

$3,299,000
4 Beds
4.5 Baths
3,169 SqFt
Status Active Under Contract
MLS # 6771853
Property Type Single Family Residence
Price Type --
Welcome to this stunning contemporary Camelot golf villa in the exclusive subdivision of SEVEN at Desert Mountain, where luxury meets the seductive beauty of the Sonoran Desert. This property is a golfer's dream, boasting membership to the ultra-prestigious Desert Mountain Golf Club. Nestled by the 12th fairway of the 7 Course, this exquisite home offers captivating views and privacy. As you step through the front door, the vastness of the great room invites you in, showcasing lush golf course vistas which are mirrored in the opulent patio space. Thanks to the innovative telescoping doors, transitioning from the grand interior to the sublime outdoors is seamless, epitomizing the Arizona indoor-outdoor living experience. Elegance resonates throughout the residence with hardwood floors and a host of tasteful upgrades. The gourmet kitchen is a chef's delight, featuring state-of-the-art WOLF appliances set against contemporary fixtures, and complemented by gorgeous quartzite countertops that is both stylish and functional. The villa bathes in natural daylight, creating an ambiance of warmth and welcome in every room. Tastefully decorated, the interior color palette is composed of neutral tones that exude sophistication, offering a serene canvas for personalization. Stepping outside, the resort-style patio is an entertainer's haven. Complete with a built-in barbecue, a heated spool, it's the perfect backdrop for enjoying the spectacular Arizona sunsets. This property isn't just a home; it offers a lifestyle encompassing luxury, comfort, and the rarified air of the exclusive golf community. With beautiful landscaping framing this architectural gem, every aspect of this villa has been curated to offer an unparalleled living experience. Don't miss the opportunity to own this slice of desert paradise, where every day feels like a vacation at a world-class resort. Furniture available under a separate agreement.

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