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u/MrBMortgage

r/MortgageBrokerQuotes r/GenXnew r/Mortgages r/HomeLoans r/Pickleball r/u_MrBMortgage
▲ 2 r/MortgageBrokerQuotes

Phoenix-area buyers and real estate pros: what rate gets buyers off the fence?

Curious what people are actually hearing around the Valley. What mortgage rate do you think would bring a meaningful number of buyers back into the Phoenix market—5.99%, 5.50%, 4.99%, or something else?

I know affordability is bigger than the rate alone: prices, insurance, taxes, inventory, and the total monthly payment all matter. But is there a psychological threshold where buyers start saying, “Okay, now I’m willing to move”?

And please don’t say below 3.5%—we may be waiting a while. For those actively shopping or talking with Phoenix-area buyers, what number would change the conversation?

reddit.com
u/MrBMortgage — 5 days ago
▲ 2 r/HomeLoans+1 crossposts

Phoenix-area buyers and real estate pros: what rate gets buyers off the fence?

Curious what people are actually hearing around the Valley. What mortgage rate do you think would bring a meaningful number of buyers back into the Phoenix market—5.99%, 5.50%, 4.99%, or something else?

I know affordability is bigger than the rate alone: prices, insurance, taxes, inventory, and the total monthly payment all matter. But is there a psychological threshold where buyers start saying, “Okay, now I’m willing to move”?

And please don’t say below 3.5%—we may be waiting a while. For those actively shopping or talking with Phoenix-area buyers, what number would change the conversation?

reddit.com
u/MrBMortgage — 6 days ago
▲ 5 r/HomeLoans

Mortgage shopping tip: compare the whole Loan Estimate, not just the rate

Two mortgage quotes can show the same interest rate and still have very different costs.

When comparing Loan Estimates, I’d check:

  • Whether the rate is locked—and for how long
  • Discount points or lender credits
  • Origination and underwriting charges
  • The complete monthly payment, including mortgage insurance
  • Cash needed at closing
  • The “In 5 Years” comparison on page three

Try to compare quotes issued on the same day for the same loan type, down payment and lock period. Otherwise, it isn’t an apples-to-apples comparison.

The lowest rate isn’t automatically the best option if it requires substantially more money upfront. The better choice depends partly on how long you expect to keep the loan.

The CFPB has a helpful Compare and negotiate your loan offers | Consumer Financial Protection Bureau

u/MrBMortgage — 9 days ago