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.

What’s Your Home Worth?

Search for Your New Home

Listing types.

For Sale

For Rent

Land

Multifamily

Commercial

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Distressed

Open House

Location Search Nearby

BedsAny1+2+3+4+5+6+

BathsAny1+2+3+4+5+6+

Price MinAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Price MaxAny$500$600$700$800$900$1,000$1,100$1,200$1,300$1,500$1,600$1,700$1,800$1,900$2,000$2,250$2,500$2,750$3,000$3,250$3,500$3,750$4,000$4,500$5,000$5,500$6,000$6,500$7,000$7,500$8,000$8,500$9,000$9,500$10,000

Advanced Options

Property TypeAnyApartmentManufactured HomeSingle Family ResidenceTownhouseTwin Home

School District

Address, MLS# or Keyword

Home SizeAny600 ft2800 ft21,000 ft21,200 ft21,400 ft21,600 ft21,800 ft22,000 ft22,200 ft22,400 ft22,600 ft22,800 ft23,000 ft23,500 ft24,000 ft24,500 ft25,000 ft25,500 ft26,000 ft2

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Neighborhood

Address, MLS# or Keyword

Location Search Nearby

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

School District

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

Location Search Nearby

Lot SizeAny1+ Acres2+ Acres3+ Acres4+ Acres5+ Acres6+ Acres7+ Acres8+ Acres9+ Acres10+ Acres20+ Acres30+ Acres40+ Acres50+ Acres

Price MinAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Price MaxAny$50,000$100,000$150,000$200,000$250,000$300,000$350,000$400,000$450,000$500,000$600,000$700,000$800,000$900,000$1,000,000$1,100,000$1,200,000$1,300,000$1,400,000$1,500,000$1,600,000$1,800,000$1,900,000$2,000,000$2,250,000$2,500,000$2,750,000$3,000,000$3,250,000$3,500,000$3,750,000$4,000,000$4,500,000$5,000,000$6,000,000$8,000,000$10,000,000$15,000,000

Advanced Options

Address, MLS# or Keyword

YearAny2024+2023+2022+2021+2020+2019+2018+2017+2016+2015+2014+2013+2012+2011+2010+2009+2008+2007+2006+2005+2004+2003+2002+2001+2000+1999+1998+1997+1996+1995+1994+1993+1992+1991+1990+1980+1970+1960+1950+1940+1930+

View As: Thumbnails List

Sort by: Select Price, Low to High Price, High to Low Newer Listings First Older Listings First Open House Date

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 Next Gen-Home because it has 2 Very Lg Split ensuite 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. 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

View Property

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!

View Property

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!

View Property

310 W Pacifico Circle Litchfield Park, AZ 85340

$565,000

4 Beds

2 Baths

1,874 SqFt

Status Active

MLS # 6752715

Property Type Single Family Residence

Price Type --

Located in the heart of Old Town Litchfield Park just a short walk from The Wigwam Resort and the new Litchfield Square which is estimated to be completed in December 2024. This charming block home is in a quiet cul-de-sac with all the desirable features such as, No HOA, RV gate, private diving pool refinished in 2023, built in BBQ and a huge covered patio on a large lot. Hardwood flooring in the living areas is original to the home and it has a brand new A/C. Pitched roof redone July 2024 and flat roof redone July 2023. Patio completely redone also 2024.

View Property

3731 E Mitchell Drive Phoenix, AZ 85018

$565,000

3 Beds

2.5 Baths

1,635 SqFt

Status Active

MLS # 6768183

Property Type Townhouse

Price Type --

AMAZING OPPORTUNITY TO OWN THIS 3BD 2.5BA COMPLETELY REMODELED TOWN HOME IN THE HEART OF ARCADIA LITE! Private, gated community. All tile throughout on the main floor; great room, dining room & large kitchen w/pantry Stainless steel appliances & powder bathroom downstairs. Wood-like, laminate flooring up the stairs & throughout the 2ndfloor. Large primary suite w/private balcony, full primary bath w/separate tub. shower & walk-in closet. Two more bedrooms upstairs each w/walk-in closets & Jack-n-Jill bathroom set up. Ceiling fans in great room & all bedrooms. Laundry room conveniently located on the 2nd floor-washer and dryer included! Two-car attached garage, large rear private patio. Located at the end of the Culdesac street. YOU HAVE TO SEE TO THIS ONE TO BELIEVE IT! & PRICED TO SELL!

View Property

9829 E Talon Avenue Mesa, AZ 85212

$565,000

4 Beds

3 Baths

1,968 SqFt

Status Active

MLS # 6772594

Property Type Single Family Residence

Price Type --

Welcome to 9829 E Talon Ave, a wonderfully designed 4-bedroom, 3-bathroom home, PLUS a den, nestled within the beautiful community of Cadence. This inviting residence features an open-concept layout, perfect for entertaining. New carpets were installed in March! Enjoy the modern kitchen with sleek appliances and ample counter space, while the spacious living area leads to a private backyard oasis, ideal for relaxing or hosting gatherings. The primary suite offers a tranquil retreat with an en-suite bathroom. Conveniently located near parks, shopping, and top-rated schools, this home is a must-see. Don't miss your chance to own this gem in Mesa!

View Property

8374 W Palo Verde Avenue Peoria, AZ 85345

$565,000

5 Beds

4 Baths

3,704 SqFt

Status Active

MLS # 6776559

Property Type Single Family Residence

Price Type --

Enormous opportunity for this BIG home in a gated neighborhood. 5 bedrooms, 3.5 bathrooms with the master conveniently located on the main floor. Beautifully updated master bathroom with separate tub and shower, private toilet room and large master closet. First floor has newer luxury vinyl flooring. Breakfast island in the kitchen plus dining area. Adjacent family room allows for maximum entertainment options with an exit to the large covered patio. Upstairs, you'll find a large loft area, 4 bedrooms ( some with walk in closets), 2 full baths and storage closets. Updates include: windows, tankless heater, appliances. Over sized triple garage can accommodate a full size SUV.

View Property

31020 N 42nd Way Cave Creek, AZ 85331

$565,000

3 Beds

2 Baths

1,857 SqFt

Status Active Under Contract

MLS # 6732311

Property Type Single Family Residence

Price Type --

Great opportunity to live in Tatum Ranch at the right price! Barely lived in home has been lovingly maintained over the years, just bring your remodeling ideas! Open and inviting floorplan with elevated entrance. Separate formal living room perfect for his or her space, media room, or kids area. Open great room with kitchen island and large family room area complete with built-ins. Split floorplan with two bedrooms, bathroom, and laundry room separate from master bedroom with large bathroom and walk-in closet. Enter your backyard complete with sparkling pool and water feature, mature landscaping, and automatic watering system. Pool resurfaced 2024 and new variable speed pump installed 2023. Two car garage with extra shelving for storage. Tatum Ranch is a perfect community for those looking to live a little outside the hustle and bustle of Phoenix, but still enjoy plenty of close amenities such as restaurants, shopping, golf courses, and hiking. Desert living at its finest!

View Property

12947 W Fossil Drive Peoria, AZ 85383

$565,000

2 Beds

2 Baths

1,798 SqFt

Status Active Under Contract

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!

View Property

6208 W Grandview Road Glendale, AZ 85306

$565,000

4 Beds

2.5 Baths

2,330 SqFt

Status Active Under Contract

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!

View Property

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!

View Property

927 W Horseshoe Avenue Gilbert, AZ 85233

$565,000

4 Beds

3 Baths

2,104 SqFt

Status Active

MLS # 6781236

Property Type Single Family Residence

Price Type --

Nice Tri-Level home in desirable location. New flooring, fresh paint. Large kitchen with plenty of storage and beautiful bay windows. Cozy fireplace in family room. Large back yard that features a refreshing pool.

View Property