Worried About Future Mortgage Rate Increases? Here’s How to ‘Stress Test’ Your Finances

When it comes to real estate, there are always going to be upswings in the market that will have an impact on your mortgage payment and overall financial health. However, with a fluctuating market here to stay, you may be wondering how you can guard your biggest investment and your finances against rate increases. If you’re concerned about rates on the rise, here are a few tips to test out you’re fiscal well-being.

Calculate Your Debt-To-Income Ratio

It’s beneficial to determine your DTI ratio prior to purchasing a home, but since debt and housing costs are always fluctuating, calculating this number again can be a wakeup call. By adding up your monthly expenditures (including any debt), and dividing that number by your pre-tax income, you’ll be able to determine your DTI percentage. While it’s ideal to have a percentage of less than 28%, if your expenditures have risen above this number, it may be time to take a look at your monthly budget and see what you can cut out.

Do You Have Emergency Savings?

Many people make a habit of putting money into their retirement funds each paycheck, but it’s equally important to have emergency savings you can access in the event of car repairs, home maintenance issues or an unforeseen medical problem. While it’s often suggested that a person should have a minimum of 3 months of expenses at their disposal, saving more than this can make you even more prepared in the event that a rate increase requires you to dive into other funds.

Review Your Budget

It’s easy enough to have a monthly budget, but the hard part for most people is sticking to it on a day-to-day basis. If you’ve veered off the trail a little bit in this regard, sit down to review your expenditures and determine what your financial outlook would be if you experienced an interest rate bump next month. In the event that there’s very little cushion and no money for savings, it may be worth your time to craft a new budget that gives you a bit more wiggle room.

Many people are uncertain about what the short-term economy will bring for their mortgage rates, but by reviewing your budget and maintaining emergency savings, you can be better prepared for the future. If you’re currently considering purchasing a home, give me a call for more information – J.P. Cook – 602-320-4253.

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2170 Shaded Spring Trail Flagstaff, AZ 86005

$625,000

2 Beds

2 Baths

1,597 SqFt

Status Active Under Contract

MLS # 6776811

Property Type Single Family Residence

Price Type --

** NEW CONSTRUCTION. Nestled within the world's largest stand of Ponderosa Pines, The Highlands at Tovar Springs offers the perfect harmony of natural beauty and modern living. Situated in Flagstaff's stunning landscapes, this new community provides the tranquility of mountain living with the convenience of a vibrant, thriving town. The Oak floorplan, a single-story home featuring 2 bedrooms and 2 baths with an optional third bedroom, is thoughtfully designed for comfort and flexibility. Located on Homesite #16, this is a unique opportunity to secure a home at introductory pricing. Scheduled for delivery in Winter 2025, this home is crafted for year-round enjoyment, ideal as a seasonal getaway or a primary residence. The Highlands at Tovar Springs boasts easy access to miles of scenic trails and a nearby wildlife-rich natural wetland. Adventure is just outside your door, with hiking, biking, and wildlife viewing set against the stunning backdrop of the San Francisco Peaks. Only minutes from downtown Flagstaff, renowned for its culinary scene with two James Beard finalists, you'll also enjoy a rich cultural experience. Seamlessly connect to the Flagstaff Urban Trail Systema 75-mile network that winds through forests, canyons, and open spaces, linking parks, schools, and neighborhoods. Flagstaff is not only a gateway to outdoor adventure but a high-altitude training hub, attracting elite athletes and Olympians from across the globe.

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31220 N 156th Street Scottsdale, AZ 85262

$625,000

3 Beds

2.5 Baths

2,078 SqFt

Status Active

MLS # 6552656

Property Type Single Family Residence

Price Type --

Property on WELL water! No need to worry about paying increased hauled water rates like other homes in the area. Permits in hand and ready to construct! Move-in in as little as 6-7 months and wake up every morning to breathtaking panoramic Mountain Views!!! All new homes around. Your BRAND NEW energy efficient three bedroom home on ONE ACRE has plenty of room to live the lifestyle you have always dreamed of. Buy NOW and select all your interiors from the builders included options or go custom. No HOA! This exclusive area is growing fast. Be one of the first to take pride in ownership in it! Reach out today to schedule a private walk of the property and meet the builder. Lots of upgrades included in the price! This beautiful new construction wont last long. Renderings are representation of elevation. Some options displayed in plan are available at an additional cost.

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7647 W Nosean Road Peoria, AZ 85383

$625,000

3 Beds

2.5 Baths

1,982 SqFt

Status Active

MLS # 6717910

Property Type Single Family Residence

Price Type --

MLS# 6717910 Ready Now! The Iris is a single-story home offering 1,982 sq. ft. of living space with 3 bedrooms, 2 bathrooms, a 2-car garage, and a versatile flex room. As the only single-story floor plan at Aloravita South Discovery, this home is designed to impress. The foyer leads to a hallway with secondary bedrooms and a full bathroom. Moving further into the home, you'll find the open kitchen, casual dining area, great room, and flex room. Enjoy Arizona's beautiful weather from your private covered patio. The primary suite features a private bathroom with double sinks and a spacious walk-in closet, making it the perfect retreat.

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6083 E Knolls Way Cave Creek, AZ 85331

Open House

$625,000

2 Beds

2.5 Baths

1,516 SqFt

Status Active

MLS # 6783479

Property Type Townhouse

Price Type --

Incredible opportunity to own a home in The Knolls with amazing sunsets! Spacious great-room floor-plan is designed with entertaining in mind. Beautifully updated kitchen boasts new stainless steel appliances, granite countertops, a large island, pantry, RO system, under-cabinet lighting, & gas stove. Expansive split master suite includes a cozy nook with updated master bath and walk-in closet with custom built-ins add luxury and convenience. Secondary bedroom also features an en-suite bath. Step outside to relax in the hot tub while enjoying STUNNING Black Mountain and sunset views. Fenced backyard includes a fireplace and hot tub, ideal for chilly winter evenings. Recent updates include a new water heater (2023), Hot Tub (2020) resurfaced roof (2022), interior paint, window shades, security door, garbage disposal (2024) . The garage offers built-in cabinets and epoxy floors. Just steps away from the heated community pool and spa, and within walking distance to historic Cave Creek's dining and entertainment options!

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10818 E Obispo Avenue Mesa, AZ 85212

$625,000

3 Beds

2.5 Baths

2,178 SqFt

Status Active

MLS # 6776503

Property Type Single Family Residence

Price Type --

A gorgeous, well maintained 3 bedroom plus a den, 2 1/2 bath home that is move-in ready! Delightful curb appeal with easy to maintain desert landscaping, a 2 car garage, and a huge front patio to enjoy the sunset. The kitchen has staggered cabinets with crown molding, granite countertops, matching appliances and a breakfast bar. The large living room and adjacent dining area is spacious for entertaining. The master includes a walk in closet, snail shower, double sinks and a separate toilet room. Private backyard with an oversized covered patio to enjoy the Arizona winter evenings! SSV offers endless amenities for you to enjoy year round. Three 9 hole golf courses. Easy access to valley freeways.

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1060 S Redberry Drive Show Low, AZ 85901

$625,000

3 Beds

2.5 Baths

1,791 SqFt

Status Active

MLS # 6691403

Property Type Single Family Residence

Price Type --

3 bed, 2.5 bath, living room, fire place, dining area, kitchen, LG appliances, kraftmaid cabinets, laundry with sink, solid wood oak/tile floor, 2 car garage, front porch, back patio, single level on a slab, metal roof, gutters

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3259 E Isaiah Court Gilbert, AZ 85298

New

$625,000

4 Beds

3 Baths

2,410 SqFt

Status Active

MLS # 6780469

Property Type Single Family Residence

Price Type --

This two-story residence, built in 2007, offers a spacious layout with 4 bedrooms, 3 baths, with bedroom, bath and office/den on the first floor. With 2,410 sq ft of living space on a generous 7,573 sq ft lot, there's room for everyone to enjoy. The open floor plan is ideal for entertaining, while the well-appointed kitchen flows seamlessly into the dining and living areas. Recent upgrades such as LVP flooring, HVAC and water heater make this home lower maintenance. Step outside to your backyard, complete with 8' RV gate for easy access and plenty of space for outdoor activities. The 3-car tandem garage provides ample storage for vehicles and toys alike and has a 220V outlet. Residents have the option to purchase memberships to the Seville Golf Club and recreation centers.

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7601 E Indian Bend Road Unit 1047 Scottsdale, AZ 85250

New

$625,000

2 Beds

2 Baths

1,364 SqFt

Status Active

MLS # 6788930

Property Type Apartment

Price Type --

Beautifully designed condo in the highly coveted Corriente community, conveniently located near multiple golf courses (McCormick & Silverado), the Scottsdale greenbelt, and endless top restaurants & shopping. This stunning 2-bedroom, 2-bath 1st floor unit has been meticulously maintained and is perfect for those seeking luxury & convenience. The popular, spacious Zafiro corner floor plan is light & bright thanks to multiple large south-facing windows. The gourmet kitchen boasts stainless steel appliances, gas cooktop, granite counters, bar seating and an abundance of cabinetry & storage. The open living area, accented with crown molding, offers a cozy gas fireplace and the southwest-facing covered patio provides the perfect space to enjoy Arizona's idyllic weather. The primary suite is a private retreat with a large walk-in closet, dual sinks, private toilet room and a walk-in shower. All appliances are included and some of the furniture is available on a separate bill of sale. The gated Corriente community offers upscale amenities including a climate-controlled underground parking garage (2 spaces), secure bike storage, an updated modern fitness center, BBQ areas, ramadas, and a luxurious clubhouse ideal for entertaining. Enjoy high-speed internet and DirecTV included in your HOA, along with added security through cameras at gate and garage entrances. Corriente connects to 18 miles of scenic walking and biking paths along the greenbelt and is steps away from Silverado Golf Course, Seville shopping, and the McCormick-Stillman Railroad Park. Scottsdale Fashion Square, Kierland Commons, Old Town Scottsdale, and the new Palmeraie Ritz Carlton PV are all close by making this location truly unmatched. Don't miss the opportunity to experience an effortless yet vibrant lifestyle in this wonderful property situated in the heart of Scottsdale.

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6621 S Calle De La Cereza -- Hereford, AZ 85615

$625,000

3 Beds

2 Baths

1,927 SqFt

Status Active

MLS # 6784667

Property Type Single Family Residence

Price Type --

WWWWWHOA........Hold your horses!!!!! This is it!!! Remodeled Ranch house with metal roof on almost 5 acres with a Private Well, Pool with solar, Shop with electric, THE BEST 12 stall barn I have seen in Sierra Vista with pastures that include auto/waterers-high quality fencing that is cross fenced with turnouts, the value of this barn is out of this world and includes a wash rack too! Property includes an over built huge chicken coop, garden areas with fruit trees the most amazing views of the Huachuca Mountain and the Mule Mountains, and so much more!! Ask me or your realtor for Seller's 'Feature Sheet' this document will tell you ALL the extras to detail this one-of-a-kind property has to offer. There is not enough space here to list all!! That is how wonderful this property is!!

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1622 E Cortez Street Phoenix, AZ 85020

$625,000

3 Beds

1 Bath

2,050 SqFt

Status Active

MLS # 6721387

Property Type Single Family Residence

Price Type --

Unique horse property in the heart of town on almost a full acre parcel. So large it feels like you have no neighbors and can enjoy the tranquility and a perfect location, minutes away from everything you need! Survey is available for lot split. Upstairs has 2 bedrooms (converted to 3) and 1 full bath with lots of upgrades and impressive woodwork, spacious upgraded eat in kitchen and large bedroom. In addition there is a basement with a separate entrance and two additional rooms. This is a rare find. Don't miss it. Buyer is responsible for verifying all material facts.

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6764 W Firebird Drive Glendale, AZ 85308

$625,000

4 Beds

3 Baths

2,327 SqFt

Status Active

MLS # 6763127

Property Type Single Family Residence

Price Type --

Wonderful home in highly desirable Arrowhead Ranch community. This 4 bedroom 3 bath home features an open floorplan and vaulted ceilings. Upgraded kitchen with granite counters, stainless appliances and recessed lighting. Maple floors in entry, kitchen, walkways, landing and stairs. New Carpet in all other rooms. Plantation shutters throughout. Fabulous master with his and her closets, a huge walk-in shower w/ bench, double sinks on vanity with upgraded granite. Home has been just freshly painted throughout. 4th bedroom is a den with double doors, original option included having a closet for a bedroom. Nice backyard with sparkling pool and covered patio. Great location- close to beautiful lakes, walking and biking trails. Close to freeways, shopping and restaurants.

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22743 E Avenida Del Valle -- Queen Creek, AZ 85142

$625,000

3 Beds

2.5 Baths

2,899 SqFt

Status Active

MLS # 6764641

Property Type Single Family Residence

Price Type --

You know when you walk into the perfect house and get that feeling that THIS IS THE ONE? Be ready to experience that! This home has all the bells and whistles buyers are looking for! AMAZING floor plan! HUGE great room w/ 15 ft sliding ''wall of glass'' & a kitchen to die for! Massive island w/upgraded granite, gas cooking! TONS of storage too! Split primary w/luxury primary bath! Epic laundry room too! Secondary bedrms are generous sized! Yards are low maintenance w/back having turf & tons of privacy! 3 car garage w/epoxy floor, security system, the list just goes on! Close to great shopping, restaurants and entertainment! And did I mention paid solar! Community pool, walk paths & great neighbors too!

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